Biden taps Powell for second term as Federal Reserve chief

President Joe Biden announced the nomination of Jerome Powell to continue his tenure as chair of the Federal Reserve, a move that was opposed by progressives who fear he is opposing more significant oversight of the US banking system.

The White House released a statement confirming that Mr Powell’s nomination to serve again as chair had been sent to the Senate.

The decision comes after weeks of criticism from progressives and a public vow from Sen Elizabeth Warren to oppose his nomination.

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