WHAT THEY ARE SAYING: Biden's Nomination of Jerome Powell to Fed Chair and Dr. Lael Brainard to Vice Chair Wins Bipartisan Praise on Capitol Hill

Lawmakers from both parties are praising President Biden's nomination of Jerome Powell for Federal Reserve Chair and Dr. Lael Brainard for Vice Chair, citing Powell's proven leadership during the COVID-19 pandemic, the need for continuity as our economic recovery continues, and the preservation of the Federal Reserve's independence.

Having guided the economy through the historic tumult of the COVID-19 pandemic into a period of sustained job creation and economic growth, Chair Powell has demonstrated the necessary leadership and expertise to helm the Federal Reserve through ongoing challenges. Dr. Brainard's years of experience with the Federal Reserve make her eminently qualified to serve as Vice Chair.

The bipartisan support for these appointments reflects President Biden's commitment to working across the aisle to grow the American economy, create good-paying jobs, and build back better from the COVID-19 pandemic.

See below for what they are saying:

Ohio Senator Sherrod Brown: "Chair Jerome Powell has led our economy through a historic pandemic, and under his and President Biden's leadership, unemployment has fallen and workers are seeing increased bargaining power. The Federal Reserve must continue to help steer our economic recovery in the right direction – toward full employment and an economy that empowers workers and their families. I look forward to working with Powell to stand up to Wall Street and stand up for workers, so that they share in the prosperity they create." [Statement, 11/22/21]

Ohio Senator Rob Portman: "While I disagree with some of the Fed's policies on QE that have created inflationary pressures on our economy, I will vote to confirm Jerome Powell for a second term. I hope he will do what he can from the monetary side to rein in inflation going forward." [Tweet, 11/22/21]

Pennsylvania Senator Pat Toomey: "Chairman Powell's recent comments give me confidence that he recognizes the risks of higher and more persistent inflation and is willing to act accordingly to control it. I look forward to supporting his confirmation." [Tweet, 11/22/21]

Montana Senator Jon Tester: "Smart move by @POTUS to renominate Jerome Powell to lead the Fed. Chairman Powell has been a nonpartisan steward of the economy through a major economic crisis. Our recovery is ongoing, and continuity at the Fed is critical as we keep working to lower costs for Americans." [Tweet, 11/22/21]

Virginia Senator Mark Warner: "I applaud President Biden on his decisions for Fed leadership, and I look forward to working alongside both Chair Powell and future Vice Chair Brainard to make sure our economic recovery lifts up all communities." [Tweet, 11/22/21]

North Carolina Senator Tom Tillis: Pleased to see President Biden renominate Jerome Powell as Federal Reserve Chair. He has led us through a challenging #COVID19 economic recovery & I have full confidence he'll help combat the inflation crisis caused by the Biden admin. I look forward to supporting his nomination. [Tweet, 11/22/21]

Minnesota Senator Tina Smith: "Jay Powell and Lael Brainard are highly-qualified and dedicated public servants. I have confidence that together, they can guide us through complicated economic times as we emerge from the pandemic." [Tweet, 11/22/21]

Utah Senator Mitt Romney: "I will vote to reconfirm Jay Powell as @federalreserve Chairman. I believe he's a person of capability and integrity. While I disagree with some of the Fed's prior policies, his recent comments give me hope that the Fed is ready to address the rising inflation we're experiencing." [Tweet, 11/22/21]

Rhode Island Senator Jack Reed: "I strongly back @POTUS' nominees to lead @federalreserve. Chair Powell & Dr. Brainard are powerful choices who bring experience, data-driven expertise, & future-oriented skills to the job. They will lead the Fed forward with wisdom, independence, and steady leadership." [Tweet, 11/22/21]

Washington Representative Pramila Jayapal: I congratulate Mr. Powell and Dr. Brainard for their nominations by President Biden to lead the Federal Reserve. Mr. Powell has demonstrated an unprecedented commitment to full employment during his first term as Fed Chair, including his celebration of 'great things happening from a tight labor market' and enthusiasm for workers' bargaining power, which, he noted, led to employers 'going to prisons and getting to know people before they came out and giving them jobs as they came out.' This is the perspective we need at the Federal Reserve as it steers the economy through the turbulence of the pandemic and toward a truly equitable recovery... I am pleased that the President nominated two vocal proponents of full employment who have repeatedly shown their willingness to resist partisan pressures, and I hope that their nominations will be rapidly confirmed by the Senate." [Statement, 11/22/2021]

New York Representative Gregory Meeks: "President Biden's nomination of Jerome Powell to continue as Fed Chair, and Lael Brainard as Vice Chair is appropriate. As our country continues to navigate a pandemic economy, one where inflation has emerged as a new challenge, Powell will be a steady hand that promotes stability during uncertain times. Further, Lael Brainard as Vice Chair is an excellent supervisory nomination. I had the benefit of working with her closely on CRA reform and I'm confident she will be a progressive force on banking regulation. As @POTUS considers filling other Fed vacancies, diversity in background & thought must be at the forefront. From dynamic labor leaders like @wspriggs to others, there are a plethora of qualified candidates that could help broaden the Fed's perspective." [Tweet, 11/22/21]

New York Representative Hakeem Jeffries: "I strongly support President Biden's decision. ... And certainly hopeful that in a second term Chairman Powell will focus on some of the inflationary issues." [Interview, 11/22/21]

Delaware Senator Chris Coons: "Jay Powell has been a steady leader of the Federal Reserve throughout his term as Chair, and I'm glad to hear @POTUS has decided to renominate him. I look forward to working with my colleagues on both sides of the aisle to ensure a smooth confirmation process." [Tweet, 11/22/21]

Tennessee Senator Bill Hagerty: "I believe stability at the Fed is in the best interest of workers, taxpayers, and our markets, and I intend to support Chair Powell for a second term." [ Tweet, 11/22/21]

North Dakota Senator Kevin Cramer: "Powell's appointment is a sign of consistency, which is so important at a time like this. Stability and consistency are in the best interests of the American economy and I look forward to supporting his confirmation." [Tweet, 11/22/21]

Media Coverage

CNN Chief Congressional Correspondent Manu Raju: "Sherrod Brown, chairman of Senate Banking, and Tina Smith, who sits on the panel, both back Powell, a sign that Biden's pick is on track to get strong bipartisan support despite concerns from some progressives." [Tweet, 11/22/21]

NBC National Political Reporter Sahil Kapur: "Senate Banking Committee Chair @SherrodBrown (D) and Ranking Member Pat Toomey (R) quickly release statements endorsing Jerome Powell's renomination for Fed chair." [Tweet, 11/22/21]

Bloomberg Senate Reporter Steven Dennis: "GOP SEN. HAGERTY SAYS HE WILL SUPPORT POWELL FOR SECOND TERM. This is starting to look like a slam dunk confirmation." [Tweet, 11/22/21]

Administration Leadership

Secretary of the Treasury Janet Yellen: "Over the last two years, the American economy has endured one of the most challenging episodes in our nation's history. The global and domestic economies were brought to a standstill and millions of American families were at risk of permanent scarring. Today, our economy has rebounded with strong job creation, low unemployment, and economic growth that has outpaced our global competitors. The steady leadership of Chair Powell and the Federal Reserve helped ensure that America's economy was able to recover from a once-in-a-generation health and economic crisis.

An independent and experienced Federal Reserve was critically important to navigating this turbulent time and will continue to be crucial as we recover and confront new threats to our economy. Over the past few years, Chair Powell has provided strong leadership at the Federal Reserve to effectively meet and address unexpected economic and financial challenges, and I am pleased our economy will continue to benefit from his stewardship. I am also grateful that the President has nominated Lael Brainard to serve as Vice Chair. Dr. Brainard is a respected economist with years of experience and has been instrumental in the nation's recovery.

As Treasury Secretary, I will continue to support a strong and independent Federal Reserve, empowered to pursue its dual mandate of stable prices and maximum employment to benefit American workers and families." [Statement, 11/22/2021]

Secretary of Labor Marty Walsh: "These nominations are good news for America's workers. The President's economic plan has produced a historic recovery that has restored 5.6 million jobs, increased worker power and raised wages for workers at the lower end of the income distribution. Chair Powell's actions and Lael Brainard's guidance have been responsive to the challenges facing workers during the pandemic and they have helped to advance this worker-centered recovery. Both of these independent leaders share the Administration's focus on economic growth that benefits all workers, which is the key to building a more just and a resilient economy moving forward." [Statement, 11/21/2021]