November 22, 2021

Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden

For immediate release

Statement by Federal Reserve Board Chair Jerome H. Powell:

Thank you, Mr. President.

Mr. President, thank you for this extraordinary opportunity to continue to serve the American people. If confirmed by the Senate, I pledge to do everything within my power to meet the responsibilities that Congress has entrusted to the Federal Reserve.

I'm joined today by my wife Elissa Leonard and our three adult children, Susie, Lucy, and Sam and his wife Elyssa. Their love and support underpin and make possible all that I do.

I am also grateful to the exceptionally talented and dedicated team at the Federal Reserve, with whom it has been my great privilege to serve over the last decade. My predecessor, Secretary Janet Yellen, left the Fed in a strong position to meet every challenge, and I am thankful for her leadership, her example, and her friendship.

When COVID hit our shores, American families and businesses were ten years into a historic economic expansion, with a robust jobs market that was reaching even those who had traditionally been left out. The pandemic, however, brought an immediate and painful recession.

Fortunately, American resilience, along with strong policy actions and vaccines that enabled the economy's reopening, cushioned the blows and set the stage for a strong recovery.

Today, the economy is expanding at its fastest pace in many years, carrying the promise of a return to maximum employment.

Challenges and opportunities remain, as always. The unprecedented reopening of the economy, along with the continuing effects of the pandemic, led to supply and demand imbalances, bottlenecks, and a burst of inflation. We know that high inflation takes a toll on families, especially those less able to meet the higher costs of essentials like food, housing, and transportation. We will use our tools both to support the economy and a strong labor market, and to prevent higher inflation from becoming entrenched.

Other key priorities include vigilantly guarding the resilience and stability of the financial system, addressing evolving risks from climate change and cyber attacks, and facilitating the modernization of the payments system while protecting consumers.

I look forward to continuing to work closely with my colleague of the past seven years, Lael Brainard, as the Fed confronts these and other issues. Lael brings formidable talent, a wealth of experience and good judgment to our work.

Inside the Federal Reserve, we understand that our decisions matter for American families and communities. I strongly share that sense of mission, and I am committed to making those decisions with objectivity and integrity, based on the best available evidence, in the longstanding tradition of monetary policy independence.

Mr. President, thank you again.

Last Update: November 22, 2021