WASHINGTON, (Reuters) – President Joe Biden nominated Jerome Powell, Federal Reserve Chair, for a fourth four-year term. This extends a tenure which began quite by accident, endured harsh criticism from Donald Trump and positions Powell to complete the biggest overhaul of monetary policy in the history of the 1980s.

Lael Mindard, a Federal Reserve member, was chosen as vice chair.

“While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again,” Biden, a Democrat, said in comments emailed to reporters. “That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken,” he said.

Senate must confirm Powell at 68. The Senate is controlled currently by Biden’s Democratic party, but it is closely divided. The Senate will confirm Powell, who is a Republican, former lawyer in private equity, to its top position. This revives what had been a bipartisan approach for filling this role over the past decades. Several Republican senators support the reappointment, even though Powell has had a turbulent relationship with Trump.