President Joe Biden has appointed Jerome Powell a four-year term as president of the Federal Reserve System (FED).
In the announcement on Monday the white housedeclare thatBiden will nominate Powell as chair of the Federal Reserve (Fed) when his current term ends in February. by the management mentioned Powell’s “decisive action” to reduce the economic impact of the pandemic. as well as creating 5.6 million jobs and an unemployment rate of 4.6%.
“I am confident that Powell’s commitment to keeping inflation low, constant prices and full employment will make our economy stronger than ever,” the US president said. Deeply believes that urgent action is needed to address the economic risks posed by climate change. and emerging risks in our financial system.”
During Powell’s time as FED chairman, Powell spoke about the role digital assets play in the US market. Due to its size and growing popularity He said in September that the agency was “Work proactively to issue CBDC”
Powell took over as Fed chairman in February 2018, with former President Donald Trump nominating Powell to succeed Janet Yellen.
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