President Biden said on Monday that he would publicly endorse Federal Reserve Chair Jerome Powell for a second term and endorse Fed Governor Lael Brainard to act as vice-chair of the central bank’s board of directors. Powell, a Republican, has headed the Federal Reserve Board of Governors since 2018 and has bipartisan support. Former President Trump picked him to run the bank five years after former President Obama recommended him to the Fed board. Powell’s liberal detractors favored Brainard, the lone Democrat on the Fed board, as the clear frontrunner to succeed him if Biden declined re-nomination. Instead, she is expected to succeed Fed Vice Chair Richard Clarida, another Trump appointee, when his term as the bank’s second in command expires in January.
The Crossroads of Special Operations