Monday morning, President Biden announced he would be nominating Jerome Powell to another term as chairman of the Federal Reserve. Powell’s nomination underscores Biden’s faith in the Trump-era nominee after he helped guide the country through one of the biggest economic recessions in the nation’s history.

Fox News Business reports:

The announcement ends months of speculation over whether Biden would stick with Powell, a Republican nominated by former President Donald Trump in 2017, or attempt to reshape the central bank by tapping Lael Brainard, the sole Democrat on the Fed’s Board of Governors, to lead it. Only one Democrat has been selected for the top post in more than three decades.

Brainard has instead been chosen as vice chair of the board of governors; she will succeed Richard Clarida, whose term expires Jan. 31, 2022. The nominations now head to the Senate for confirmation.

The Fed chair – one of the most powerful players in Washington, with the ability to dictate the pace of economic growth – is typically nominated for a second term, often to reinforce the central bank’s independence from politics. Powell’s four-year term was slated to end in February.

Choosing whom to tap is one of the most consequential economic decisions that Biden has made during his first year in the Oval Office, particularly as the White House seeks to quell growing voter unrest about the state of the U.S. economy amid surging prices for everything from meat to gasoline to clothing.

Powell will have his work cut out for him as the Fed continues to grapple with skyrocketing inflation.

“As I’ve said before, we can’t just return to where we were before the pandemic, we need to build our economy back better, and I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before,” Biden said in a statement.