President Joe Biden announced his intent to nominate Jerome Powell for a second term as Chair of the Board of Governors of the Federal Reserve System on 22 November 2021.
Biden's decision in backing Powell, a Republican originally nominated by Trump, seeks to ensure continuity and bipartisanship at a time of rising inflation and risks to America's economic recovery.
Jerome Powell took office as chairman of the Board of Governors of the Federal Reserve System in February 2018, for a four year term ending in February 2022. His term as a member of the Board of Governors will expire 31 January 2028.
Powell was born in Washington, D.C. He received a bachelor’s degree in politics from Princeton University in 1975 and earned a law degree from Georgetown University in 1979. While at Georgetown, he was editor-in-chief of the Georgetown Law Journal.
Powell served as an assistant secretary and as undersecretary of the Treasury under President George H.W. Bush. There, he was responsible for policy on financial institutions, the Treasury debt market, and related areas. In 2011, Powell was nominated by President Obama to the Federal Reserve Board of Governors, where he served as a Governor until his confirmation as Chairman in 2018. Before public service, he worked as a lawyer and investment banker in New York City.
Biden also nominated Dr. Lael Brainard to serve as Vice Chair of the Board of Governors of the Federal Reserve System.
Dr. Brainard took office as a member of the Board of Governors of the Federal Reserve System in June 2014 to fill an unexpired term ending January 31, 2026. Prior to her appointment to the Board, she served as undersecretary of the US Department of Treasury from 2010 to 2013 and counselor to the secretary of the Treasury in 2009. From 2001 to 2008, she was vice president and the founding director of the Global Economy and Development Program at the Brookings Institution. Dr. Brainard also previously served as deputy national economic adviser for President Clinton. From 1990 to 1996, she was assistant and associate professor of applied economics at the Massachusetts Institute of Technology’s Sloan School of Management.
Dr. Brainard received a BA with university honors from Wesleyan University in 1983. She received an MS and a PhD in economics in 1989 from Harvard University, where she was awarded a National Science Foundation Fellowship. She is also the recipient of a White House Fellowship.