President Joe Biden announced he’s nominating Jerome Powell for a second term as Federal Reserve chair, endorsing Powell’s 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. In remarks unveiling his decision Monday, Biden said, "at this moment of both enormous potential and enormous uncertainty for our economy, we need stability and independence at the Federal Reserve." He said Powell has proven that independence and has broad support across the political spectrum.