The candidacy is subject to confirmation in the Senate.

President Joe Biden on Monday nominated Jerome Powell to head the Federal Reserve for a second four-year term.

The president extended the powers of Powell, who at one time was sharply criticized by Donald Trump when he held the presidency.

Thus, Powell now has the opportunity to complete the process of the most significant revision of the U.S. financial and credit policy since the 1970s.

According to the White House, Lael Brainard, who was considered as the second of the leading candidates for the post of chairman of the Federal Reserve System, will become deputy chairman.

Jerome Powell is 68 years old. His candidacy is subject to confirmation by the Senate, which is controlled by Democrats today.

The president’s decision to keep Republican Powell in the office is seen as an example of a nonpartisan approach to personnel issues, and some Republican lawmakers have already expressed support for this decision.