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President Biden appointed Jerome Powell to be the next Fed Chair

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Powell has stated that the Fed is "working proactively to issue a CBDC" during his tenure as chairman, but he was unlikely to support a blanket ban on cryptocurrency.

President Joe Biden has nominated Jerome Powell to head the Federal Reserve System's Board of Governors for another four-year term.

The White House declared on Monday that President Biden will nominate Powell to lead the Federal Reserve after his present term ends in February. Powell's "decisive action" was cited by the executive branch with reducing the economic effect of the pandemic, and also the generation of 5.6 million jobs and a 4.6 per cent unemployment rate.

Biden also appointed Lael Brainard, a member of the Fed Board, as the agency's vice-chair.

Brainard's 14-year tenure on the Federal Reserve is supposed to complete in2026, while Powell's is set to end in 2028.

“I’m confident that Chair Powell and Dr Brainard’s focus on keeping inflation low, prices stable and delivering full employment will make our economy stronger than ever before,” said the U.S. president. “Together, they also share my deep belief that urgent action is needed to address the economic risks posed by climate change, and stay ahead of emerging risks in our financial system.”

The Board of Governors of the Federal Reserve System is intended to include seven members, each of them will be nominated by the present US president, confirmed by the Senate, and serve 14-year terms. Powell would serve only four years as Fed chairman if approved, but he would still have to go through a confirmation hearing before his nomination could be voted on by the Senate Banking Committee. Randal Quarles revealed on November 8 that he will resign by 2022, enabling President Biden to appoint three Fed seats.

Though, Biden's appointment indicates only a minor change in Fed leadership, as present vice-chair Richard Clarida was not tapped to continue his duties after January 2022, when three empty seats are expected to become available. Biden intended to disclose his nominees for those posts, and also the Fed's vice chair for supervision, in early December, according to the White House, with a focus on "improving the diversity in the Board's composition."

Powell has been vocal about the significance of digital assets in U.S. markets throughout his term as Fed chair, as the space develops in size and prominence.

In September, he stated that the agency was "working proactively to issue a CBDC," but that a blanket ban on cryptocurrencies such as Bitcoin was doubtful.

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