Known for bridging divides, Powell to remain at US Fed

Known for bridging divides, Powell to remain at US Fed

WASHINGTON: A wealthy Republican with no formal economics training, Jerome Powell yesterday nonetheless won support from Democratic President Joe Biden to lead the Federal Reserve for a second term. The 68-year-old former investment banker has shown skill in navigating Washington’s political quagmire, receiving praise and criticism from all sides while maintaining the central bank’s independence.

If confirmed by the US Senate, Powell will continue to lead the Federal Reserve for another four years, charged with guiding the world’s largest economy through its recovery from the pandemic, while ensuring jobs are restored without further inflaming inflation. In re-nominating Powell, Biden dismissed calls from progressive Democrats to replace him with a more liberal choice. “We can’t just return to where we were before the pandemic, we need to build our economy back better,” the president said in a statement. “I’m confident that Chair Powell and (vice chair nominee Lael) Brainard’s focus on keeping inflation low, prices stable and delivering full employment will make our economy stronger than ever before.”

Powell first took the helm of the US central bank in 2018 after he was tapped by then-president Donald Trump to replace Janet Yellen. He then withstood months of withering attacks from Trump for raising