Hoyer Statement on Powell, Brainard Nominations to the Federal Reserve

Statement

House Majority Leader Steny H. Hoyer (MD) released the following statement today after President Biden announced his intent to nominate Jerome Powell for a second term as Chair of the Federal Reserve, and nominate Dr. Lael Brainard to serve as Vice Chair:

"I join in congratulating Jay Powell and Lael Brainard on being appointed as Chair and Vice Chair of the Federal Reserve. Together, they will help guide the Fed through a challenging period and help ensure that our economy remains stable and growing during our recovery, particularly as we work to keep inflation under control.

"In selecting this team, President Biden is recognizing that continuity is critical, even while making changes to reflect that we must be forward-looking as we emerge from the pandemic. Chairman Powell has been a force for steady leadership throughout the unprecedented economic crisis we have faced since early 2020, ensuring that the Fed has played a constructive role in helping to promote higher employment, prevent costs to consumers from skyrocketing, and maintain stability for our currency. In Vice Chair-designate Brainard, he will have a partner whose economic expertise is unrivaled and whose commitment to policies focused on working Americans and their families reflect the need to ensure that all Americans can Build Back Better.

"I hope the Senate will confirm them both in a timely manner and prevent any unnecessary uncertainty at the Fed during this critical time."

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