US Bank Stocks Rise as Industry Welcomes Powell Renomination-US News | The Epoch Times

NEW YORK—U.S. bank stocks rose on Monday as senior bankers and industry figures welcomed Federal Reserve Chair Jerome Powell’s nomination by President Joe Biden for a second four-year term. Biden, in a statement emailed to reporters, paid tribute to the “decisive action” which the Fed had taken in response to the COVID-19 pandemic. And senior bankers echoed the presidential praise for Powell’s swift and steady hand during the coronavirus crisis. “Chairman Powell has been a steadying force throughout the pandemic and I’m glad to see him continue in this role,” Christiana Riley, chief executive of Deutsche Bank Americas U.S. business, said. “Consistency at the top of the Federal Reserve is reassuring during this critical point in the post-pandemic recovery.” The White House said Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, will be vice chair. The S&P 500 bank index was up …

Reuters

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