Federal Reserve Powell

FILE- In this June 14, 2018, file photo Federal Reserve Board Governor Lael Brainard participates in an open meeting in Washington. President Joe Biden announced Monday, Nov. 22, 2021 that he’s nominating Jerome Powell for a second 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 Brainard, the lone Democrat on the Fed’s Board of Governors and the preferred alternative to Powell for many progressives, as Vice Chair. (AP Photo/Cliff Owen, File)