President Joe Biden has tapped Jerome Powell to serve another four-year term as the chair of the Federal Reserve System’s Board of Governors.

The White House announced Monday that it would be making an announcement. AnnouncementBiden will nominate Powell for the Federal Reserve’s leadership position after his current term expires in February. The executive branch cited Powell’s “decisive action” in lessening the economic impact brought on by the pandemic as well as the creation of 5.6 million jobs and a 4.6% unemployment rate.