Business Maverick: Biden Advisers Weigh Powell as Fed Chair, Brainard as Vice Chair

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Joe Biden’s advisers are considering a recommendation to the president that would pair a second term for Jerome Powell as Federal Reserve chair with the nomination of Lael Brainard as the central bank’s chief regulator, people familiar with the matter ...

Biden has not yet weighed in on Fed personnel decisions and his decision is not expected until fall, the people said.Brainard is also a contender for the Fed chair position, but her elevation to vice chair for supervision, replacing Randal Quarles, could soothe progressive Democrats who have raised concerns about Powell’s record on regulation.

Brainard has staked out a different approach toward financial regulation and the adoption of a central bank digital currency.

 

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