FILE - Federal Reserve Board Chair Janet Yellen, second from left, oversees an open meeting of the board with board members; Vice Chair Stanley Fischer, Yellen, Daniel Tarullo, Jerome Powell, and Lael Brainard, in Washington, Thursday, Dec. 15, 2016. President Joe Biden announced Monday, Nov. 22, 2021 that he’s nominating Powell for a second term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market. Biden also said he would nominate Brainard, the lone Democrat on the Fed’s Board of Governors and the preferred alternative to Powell for many progressives, as Vice Chair. (AP Photo/Cliff Owen, File)