ICBA congratulates Powell, Brainard on Fed nominations

ICBA congratulated Federal Reserve Chairman Jerome Powell and Fed Governor Lael Brainard after President Joe Biden said he intends to nominate them for new terms at the agency.

Announcement: Biden said he plans to nominate Powell for a second term as chairman and Brainard for vice chair.

Vacancies: The White House noted there are three vacant seats on the Fed board, including the vice chair for supervision, and Biden intends to start making those appointments in early December.

Congress: The next step for the nominations is consideration by the Senate Banking Committee and, ultimately, the full Senate. Committee Chairman Sherrod Brown (D-Ohio) issued statements supporting the nominations, while Ranking Member Pat Toomey (R-Pa.) said he looks forward to supporting Powell’s nomination and meeting with Brainard.

ICBA Release: In a statement, ICBA President and CEO Rebeca Romero Rainey said ICBA will continue working with Powell and Brainard on community banking challenges and opportunities.