“President Biden has chosen to keep Jerome Powell in place for a second term as Federal Reserve chairman — a move that signals continuity with the central bank’s policies at a time when the economy faces critical challenges, including surging inflation
“Biden nominated current Fed governor Lael Brainard to serve as vice chair. Brainard had been seen as a leading contender to replace Powell.
“Under Powell and Brainard the Fed has kept interest rates near zero despite the current high prices for all kinds of goods, as it focuses on returning the economy to full employment and as policymakers argue that inflation will prove temporary.”
Read more at NPR