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President Joe Biden on Monday nominated Jerome Powell for a second term as chairman of the Federal Reserve, ending speculation whether the president will replace Republicans who, along with Fed Governor Lyle Brainard, blamed the central bank for the pandemic. Led the response, a Democrat whose bold stance on climate change made him a favorite among progressives for the coveted leadership role.

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In a statement Monday morning, Biden announced He selected Powell, 68, for a further four-year term beginning in February for final approval in the Senate.

First appointed to Fed leadership by President Barack Obama in 2012, Powell has served as chairman since the end of Treasury Secretary Janet Yellen’s Fed term in 2018, and has been largely responsible for her liberal policy response to the pandemic. It has been credited with alleviating economic depression on a large scale.

However, Progressive Democrats have cast doubt on Powell’s reappointment in recent months. mounting attempts to replace him with Brainard, who believes the Fed should do more to tackle climate change – in contrast to Powell, who instead said This is not the top priority.

Still, Powell is seen as a safe bet for Senate approval given his favorability among Republicans and moderate Democrats alike; His last appointment was heavy Accepted with a bipartisan vote of 84 to 13.

The president named Brainard, the only Democrat on the Fed’s seven-member board and a former Treasury Department official under Obama, as vice president to replace Richard Clarida, whose term expires on Jan. 31.

Powell is serviced As a member of the Fed’s Board of Governors since May 2012 and previously served in the Treasury Department under former President George H.W. Bush.

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