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The latest announcement from the Oval Office has confirmed that Jerome Powell will be nominated once again by President Biden to chair the Board of Governance for Federal Reserve. It is worth noting that Powell is also the currently serving Fed chair for the same position. President Biden pointed out in his brief that Powell has played an important role during the pandemic.
It is worth noting that Jerome Powell has claimed in the past that the Federal Reserves is working towards the goal of launching a CBDC or digital dollar. He has also claimed that the federal organization has no plans to call for a cryptocurrency payments ban anytime soon.
President Biden has issued an official statement from the White House on the matter of Federal Reserve management. While praising Powell for playing his role in keeping the economy stable during the pandemic year, Biden added that he also managed to create 5.6 million jobs in the country and managed to keep the unemployment rate as low as 4.6%.
Meanwhile, the Vice-chair nominee from the White House has been bequeathed to Lael Brainard. It is worth noting that the 14-year term for Federal Reserve chair for Powell is going to expire in 2028, while for Brainard, it is going to expire in 2026. At present, Powell will be able to complete 4 years of his servitude at Federal Reserve before he can get another continuation in February next year.
Despite having the option of having three empty seats at the Fed Chair, President Biden has opted to keep the changes in the government system to the minimum. Speaking on the matter of granting a continuation to Jerome Powell, he claimed that they both share the same vision for creating a safety net for the economy due to the environmental changes.
Commenting on the matter of appointment of Richard Clarida as the vice-chair, Biden claimed that the White House is debating on the matter of increasing diversity on the board of Federal Reserve. Meanwhile, the cryptocurrency traders in the region are focusing on the statement by Powell, where he declared that the Federal Reserves does not plan to implement a blanket ban on cryptocurrencies.
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