Washington D.C. – U.S. Chamber of Commerce President and CEO Suzanne P. Clark issued the following statement today on President Biden’s decision to nominate Jerome H. Powell for a second term as Chairman of the Board of Governors of the Federal Reserve System:
“Federal Reserve Chairman Jerome Powell has been instrumental in guiding our nation’s economy and financial system through the unprecedented challenges brought by the COVID-19 pandemic. During his first term, the Federal Reserve successfully partnered with a well-capitalized banking system to provide support to businesses of all sizes.
“Respected at home and abroad, Chairman Powell will continue to help the U.S. and our economic partners successfully navigate the lingering challenges from the pandemic. The U.S. Chamber urges the Senate to rapidly confirm Powell for a second term as Chairman of the Federal Reserve.
“The U.S. Chamber has long supported a strong and independent Federal Reserve as our nation’s central bank. The role of the Federal Reserve in managing U.S. monetary policy, supervising the banking sector, and maintaining financial stability is vital to U.S. economic competitiveness.”