Neal Statement on Biden Nominations for Chair and Vice Chair of the Federal Reserve

Nov 22, 2021
Press Release

SPRINGFIELD, MA—Today, Ways and Means Chairman Richard E. Neal (D-MA) applauded President Biden’s announcement of his intent to renominate Federal Reserve Chair Jerome Powell and elevate Governor Lael Brainard to Vice Chair:

“The Federal Reserve has steadily guided our economy through the worst downturn in recent memory. With this leadership, along with President Biden’s bold economic agenda and the decisive action of congressional Democrats, we are rebuilding our economy to be stronger and more inclusive than ever before. Consistency at the country’s central bank is paramount during this time of much uncertainty, and keeping Chair Jerome Powell at the helm will be the strong sign of stability that our country and the global markets need. As a Governor, Dr. Lael Brainard has been instrumental in working toward a broad-based, inclusive recovery and with her elevation to Vice Chair, she will continue to prioritize the needs of workers and their families. Throughout their tenure, they have acted independently and in the best interest of the country, and I relied heavily on their guidance while creating the emergency COVID relief packages. I have great confidence in these two public servants, and look forward to the stewardship and guidance of a full, diverse Board of Governors.”