Washington: US President Joe Biden has nominated Jerome Powell as a Chairperson for Federal Reserve on Monday for second term. Biden said that Powell is the right person to see us through the pandemic recovery and the fight against inflation.

He also called for the Federal Reserve to be a leader among central banks globally in addressing climate-related financial risks. US is dealing with extreme weather events and transitioning to increasing reliance on green energy sources. Biden tapped Powell, a Republican, to stay in the post despite pressure from within his Democratic party to give the nod to Fed Governor Lael Brainard. She was instead nominated for a promotion to Vice-Chair of the world’s most influential Central Bank.

Biden hailed Powell’s performance under former Republican president Donald Trump, who broke with tradition to frequently harangued the Fed chair and demand policy changes. We need stability and independence at the Federal Reserve. Jay has proven the independence that I value in the Fed chair. In the last administration, he stood up to unprecedented political interference and in doing so successfully maintained the integrity and credibility of this institution, he said.

Democratic senators are likely to vote no to Powell’s reappointment, support from Republicans should get him comfortably through the confirmation process. I believe having Fed leadership with a broad bipartisan support is important, especially now in such a politically divided nation. This is vital to maintaining public trust in an independent institution like the Federal Reserve, he said.