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COVID DATA December 5, 2021 INDIA: New Cases: 8,895 Total Cases: 3,46,33,255 New Deaths: 2,796 (including old unreported deaths)Total Deaths: 4,73,326 New Tests: 12,26,064 Total Tests: 64,72,52,850 New Vax: 1,04,18,707 Total Vax: 127,61,83,065 Hot Spot States (daily deaths above 10) Maharashtra: New Deaths: 14 Total Deaths: 1,41,163 Kerala: New Deaths: 52; Old Unreported Deaths: 263 TPR: 7.75% (7-day avg: 8.09%) Total Deaths: 41,439 Bengal: New Deaths: 11 Total Deaths: 19,534 Bihar: Old Unreported Deaths: 2,426 Total Deaths: 12,090 - India Travel Times.Com   [Estd: 1998]       * * *    Travel, More Travel, Travel Means A Million Things     * * *    
Biden taps Republican Powell to continue as Federal Reserve Chair

WASHINGTON, Nov 23: A Republican and investment specialist, Jerome Powell (Jay), heading the Federal Reserve of the United States, has been nominated by Democratic President Joe Biden for a second term to continue in the office as Chairman. The immediate impact was the stocks going down and the dollar firming up. Gold rates too went down sharply, it was reported. Inflation continues to surge very high, zooming to 6.2%. But in the post-covid economic rebuilding endeavour, Powell has been credited with creating jobs as Biden desired.

Biden said, "I believe having Fed leadership with a broad bipartisan support is important, especially now in such a politically divided nation. This is vital to maintaining public trust in an independent institution like the Federal Reserve."

Powell "is the right person to see us through" the pandemic recovery and the fight against inflation, he added.

Jerome Powell took office as chairman of the Board of Governors of the Federal Reserve System in February 2018, for a four-year term ending in February 2022. His term as a member of the Board of Governors will expire January 31, 2028.

Powell served as an assistant secretary and as undersecretary of the Treasury under President George H.W. Bush. There, he was responsible for policy on financial institutions, the Treasury debt market, and related areas. In 2011, Powell was nominated by President Obama to the Federal Reserve Board of Governors, where he served as a Governor until his confirmation as Chairman in 2018. Before public service, he worked as a lawyer and investment banker in New York City, said a White House statement.

A few Democratic Senators are likely to vote 'no' to Powell's renomination, but the Republicans will help him to pass the confirmation.

Dr Lael Brainard will continue as the Vice-Chair.

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