Jerome Powell nominated for second term as chair of US Federal Reserve

White House praises Republican's steady leadership' of central bank during Covid pandemic

Jerome Powell's handling of the economic fallout from the Covid-19 pandemic has won the chair of the Federal Reserve the backing of the White House for a second term running the world's most important central bank.

Despite speculation that he might sack Donald Trump's appointee, Joe Biden cited the decisive action" taken by Powell during the early stages of the crisis as a reason to reappoint the 68-year-old Republican for another four years.