Biden to keep Powell as Fed chair, Brainard gets vice-chair President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell's stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and revitalize the job market. Biden also said he would nominate Lael Brainard,
the lone Democrat on the Fed's Board of Governors and the preferred alternative to Powell among many progressives, as vice-chair.