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President Joe Bidento explain why he has chosen to be the Federal Reserve Chairman Jerome PowellTo serve a second term of leadership and to promote Fed Gov. Lael BrainardTo vice-chair of the most powerful central bank in the world.

President Obama is due to address the nation from Washington announced his intent to nominate Powell and BrainardAfter weeks of speculation, the Fed’s top positions were announced earlier Monday. Capitol Hill staff and investors had been wondering if Biden would nominate Brainard to replace Powell at February’s expiration.

The Fed is an independent, powerful agency of the U.S. government. It is authorized by Congress adjust interest rates to preserve prices stability and increase employment. It is responsible for the regulation of some of America’s biggest banks such as Bank of America, Wells Fargo, Goldman Sachs and Wells Fargo.

Although some progressive Democrats hoped that Biden would pick a Fed chief who was more focused on climate change and bank regulation than Powell, Powell gained the support of all political parties in 2020 because the Fed played a key role in the relief of the economic downturn caused by Covid-19.

Brainard is, in general, more apt to favor tighter bank oversightHe has been a vocal opponent of efforts by the central banks to loosen laws that were imposed in the aftermath the financial crisis.

The two are seen as similar on monetary policy – that is, how the Fed adjusts interest rates and otherwise makes cash available in the economy – and are thought to have congruent views on how to balance inflation with maximum employment.

They are both expected to pass the Senate confirmation process easily.

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