Third Way Statement on the President’s Nominations for Federal Reserve Chair and Vice Chair

WASHINGTON — Third Way Senior Resident Fellow Ellen Hughes-Cromwick issued the following statement:

“Third Way applauds President Biden for his renomination of Jay Powell as Chair of the Federal Reserve for another four year term. We are also delighted to see Federal Reserve Governor Lael Brainard nominated to the position of Vice Chair. The continuity in leadership at this important time is vital.

“The leadership at the Fed impacts ALL of us. It matters for the ongoing progress in the labor market and for guarding against any persistent rise in the cost of living for middle class Americans. And the Fed has a vital role to play in ensuring that our economy is prepared to battle the threat of climate change.

“President Biden’s steady economic leadership has added roughly 5.583 million jobs to the US economy, brought unemployment down to 4.6%, and opened the economy while keeping the country safe from the pandemic. This experienced team will ensure the Fed’s independence and offer a steady hand on the rudder. We couldn’t ask for more.”