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Never get exposed in our economy and american families of those kinds of risks. i respect jay's independence my trustee will follow through on his commitment to prioritize with the skill that he has show. some no doubt question why i am re-nominating j. when he was the choice of a republican predecessor. why am i not picking a democrat, why am i not picking fresh blood. taking the fed in a different direction? put directly, at this moment both enormous potential and enormous uncertainty for our country. we need stability and independence at the federal reserve. jay has proven the independence ...

You know, by promoting lael today as vice chair, i am elevating one of the country's most qualified and dedicated public servants. she is one of the nation's leading macroeconomists. she spent years of the treasury department representing american capitals around the world on international economic issues. she spent nearly the last decade as a member of the fed, most recently working side-by-side with jay as the fed navigated historic economic and financial crisis and reaffirmed his commitment to a full employment economy. throughout her time at the fed, lael has been a steadfast voice for tou...

Preserve the independence and we need people of character and integrity who can be trusted to keep the focus on the right long-term goals. i'm confident that jay and lael are those people. i would like to give both jay and lael an opportunity to say a few words and we're going to start with jay and then i'm going to turn to lael. jay, the floor is yours. >> sandra: you have been listening to president biden with his announcement of the renomination of federal reserve chair jay powell. you can see him taking to the microphone. the president calling his way as federal reserve chair with a steady...

Federal reserve. when the country was hemorrhaging jobs and there was panic in the financial markets, j's steady and decisive leadership helped stabilize markets and put our economy track to a robust recovery. jay is a believer in what economists call maximum employment. that's an economy where companies have to compete to attract workers instead of workers competing with each other for jobs. american workers get steady wage increases after decades of stagnation. and where the benefits of economic growth are broadly shared by everyone in the country. not just concentrated for those at the top....

How the fed should account for the emerging risk of climate change to our financial system. like jay, her expertise in leadership have earned her the respect and support of republicans and democrats alike. i'm proud to nominate her to the vital role of vice chair of the federal reserve. beyond jay and lael, i look forward in the coming weeks to nominating additional members including a new vice chair for supervision. these individuals will safeguard our financial system and alongside jay and lael's leadership, help to support and continue this historic economic recovery. while jay and lael bri...