President Joe Biden reappoints Jerome Powell as Fed Chairman at a critical time for the economy

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.