Biden nominates Fed Chairman Jerome Powell for a second term

The White House announced Joe Biden's intention to nominate Federal Reserve Chairman Jerome Powell for a second four-year term.

Lael Brainard, who had been touted as a possible replacement for Powell at the top job, has been named vice chair of the Fed, the second-highest position in the U.S. central bank system.

In a press release, the White House praised Powell for his “steady leadership” during the coronavirus pandemic, which has led to the world's largest economic downturn. He also praised him for remaining steadfast in the face of "attacks on the independence of the Federal Reserve."

So far, Powell and his Fed colleagues have insisted that the surge in inflation this year will prove "temporary," although the current level is a record level inflation since 1990.

Previously, the Fed Chairman noted that there is no point in banning cryptocurrencies, because Bitcoin will become obsolete after the launch of the digital dollar. 

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