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Jerome H. Powell, 64, is a member of the Federal Reserve Board who has worked in investment banking and the Treasury Department.Credit...Lexey Swall for NYT
Jerome H. Powell. Credit: Lexey Swall for NYT

President Biden has chosen to keep Jerome Powell in place for a second term as Federal Reserve chairman - a move that's likely to reassure financial markets, despite opposition from some progressive members of the president's own party.

Biden also nominated Fed governor Lael Brainard to serve as Vice Chair. Brainard had been seen as a leading contender to replace Powell.

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Homeland Security Secretary Alejandro Mayorkas on Monday defended the Biden administration’s handling of unaccompanied migrant children at the border against growing criticism, saying he hopes to give families separated under President Donald Trump the option to reunite in the U.S. while blaming the prior administration for having “gutted” the immigration system.

© Drew Angerer/Getty Images Secretary of Homeland Security Alejandro Mayorkas speaks during the daily press briefing at the White House, March 1, 2021.

The Trump administration also took on a policy called “zero-tolerance” which resulted in the separation of thousands of migrant parents from their children. Hundreds remain separated to date and — among his first actions on immigration — Biden created a task force chaired by Mayorkas to reunite the separated families.

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