Lawmakers, U.S. officials, business groups on Fed's Powell, Brainard

·4 min read
FILE PHOTO: The Federal Reserve building is pictured in Washington, D.C.

WASHINGTON (Reuters) - U.S. President Joe Biden nominated Jerome Powell for a second term as chair of the Federal Reserve, and Lael Brainard as Vice Chair on Monday morning.

Biden praised Powell's "decisive action" that he said aided the U.S. economic recovery after coronavirus-related shutdowns. Here are comments from lawmakers, U.S. officials and business groups.

U.S. TREASURY SECRETARY JANET YELLEN

"Over the past few years, Chair Powell has provided strong leadership at the Federal Reserve to effectively meet and address unexpected economic and financial challenges, and I am pleased our economy will continue to benefit from his stewardship."

"Lael is a respected economist with years of experience and has been instrumental in the nation’s recovery."

SENATE BANKING COMMITTEE CHAIRMAN SHERROD BROWN

"Fed Chair Powell has led our economy through a historic pandemic. Under his & @POTUS's leadership, unemployment has fallen and workers are gaining power. They’ll continue to steer our recovery in the right direction – toward an economy that empowers workers and their families."

"Dr. Lael Brainard has spent her life fighting for an economy where workers share in the prosperity they create. As Vice Chair of the Fed, she'll stand up to Wall Street and empower workers, small businesses, and communities."

SENATOR PAT TOOMEY, TOP SENATE BANKING REPUBLICAN

"While I have strongly disagreed with Chairman Powell’s decision to continue the Fed’s emergency accommodative monetary policy — long after the economic emergency had passed — Chairman Powell’s recent comments give me confidence that he recognizes the risks of higher and more persistent inflation and is willing to act accordingly to control it. I look forward to supporting his confirmation."

"While I have concerns about regulatory policies that Governor Brainard would support as Vice Chair, I look forward to meeting with her to discuss these and other matters.”

SENATOR MITT ROMNEY, REPUBLICAN FROM UTAH

"I will vote to reconfirm Jay Powell as @federalreserve Chairman. I believe he’s a person of capability and integrity. While I disagree with some of the Fed’s prior policies, his recent comments give me hope that the Fed is ready to address the rising inflation we’re experiencing."

HOUSE SPEAKER NANCY PELOSI

"Chairman Powell has brought steady leadership and sound judgment to the Federal Reserve’s mission of promoting maximum employment, stable prices and a sound financial system, especially during a time of unprecedented crisis. His proven track record and goal of achieving ‘broad-based and inclusive’ employment while lowering families’ costs will continue serve the country well."

"As Vice Chair, Governor Lael Brainard will bring exceptional credentials, extensive expertise on both domestic and international economic policy, outstanding work to protect financial system stability and deep understanding of the economic challenges that families face, to her new position."

U.S. CHAMBER OF COMMERCE PRESIDENT AND CEO SUZANNE CLARK

"Respected at home and abroad, Chairman Powell will continue to help the U.S. and our economic partners successfully navigate the lingering challenges from the pandemic. The U.S. Chamber urges the Senate to rapidly confirm Powell for a second term as Chairman of the Federal Reserve."

JOSH MANDEL, REPUBLICAN SENATE CANDIDATE IN OHIO

Giving inflation-junkie Jerome Powell another term leading the Fed is like giving Hue Jackson another shot after 0-16.

SENATOR ELIZABETH WARREN, DEMOCRATIC MEMBER OF SENATE BANKING COMMITTEE

"It’s no secret I oppose Chair Jerome Powell’s renomination, and I will vote against him. I will support the President’s nomination of Lael Brainard as Vice Chair. Powell’s failures on regulation, climate, and ethics make the still-vacant position of Vice Chair of Supervision critically important. This position must be filled by a strong regulator with a proven track record of tough and effective enforcement - and it needs to be done quickly."

SENATOR JACK REED, DEMOCRATIC MEMBER OF SENATE BANKING COMMITTEE

"I strongly back @POTUS’ nominees to lead @federalreserve. Chair Powell & Dr. Brainard are powerful choices who bring experience, data-driven expertise, & future-oriented skills to the job. They will lead the Fed forward with wisdom, independence, and steady leadership."

REPRESENTATIVE PRAMILA JAYAPAL, CHAIR OF CONGRESSIONAL PROGRESSIVE CAUCUS

"I congratulate Mr. Powell and Dr. Brainard for their nominations by President Biden to lead the Federal Reserve... I am pleased that the President nominated two vocal proponents of full employment who have repeatedly shown their willingness to resist partisan pressures, and I hope that their nominations will be rapidly confirmed by the Senate."

(Reporting by Jeff Mason, David Morgan, Richard Cowan and Moira Warburton; Editing by Andrea Ricci and Nick Zieminski)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting