Van Hollen Statement on Biden Nomination of Powell, Brainard

Today, U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding President Biden’s nomination of Jerome Powell for a second term as Chair of the Federal Reserve Board of Governors and Dr. Lael Brainard to serve as Vice Chair:

“Over the course of the COVID-19 pandemic, Chairman Powell has helped steer the American economy through unprecedented times. His leadership at the Federal Reserve has been critical in helping our economy weather this storm, and I have appreciated his dedication to working with the Congress to address the economic fallout from the pandemic while also pursuing longer-term efforts – like the development of a Federal Reserve real-time payment system – to improve the workings of the financial system for every American. That’s why I will once again support the nomination of Jerome Powell to serve as Chair of the Federal Reserve. 

“I am also glad to see the President nominate Dr. Lael Brainard to serve as Vice Chair. Over the last seven years on the Board – and in her prior service at the Department of the Treasury – Dr. Brainard has served as a key voice in our efforts to improve our financial system for everyday American consumers. She has also helped navigate the Fed during the unchartered waters of the COVID-19 pandemic and has a keen eye towards the challenges we face ahead.

“As a member of the Senate Banking, Housing, and Urban Affairs Committee, I’m committed to working with Chair Powell and Dr. Brainard to both build back from the pandemic and build back better. To do so, the Fed must continue working to address inflation and support full employment. And it must be prepared to tackle the many emerging issues our economy faces, from addressing the systemic risk of climate change to ensuring that our banking system works for consumers and small businesses.”