WASHINGTON • President Joe Biden should keep Jerome Powell at the helm of the Federal Reserve for another four years to build confidence in an improving economy that still faces significant risks, Sen. Steve Daines said in a letter to the president on Thursday.

“Changing the top leadership at this sensitive time could foster uncertainty across the financial system and undermine our economic recovery,” Daines, a Montana Republican, wrote.

His letter was the first formal call for Powell’s reappointment from a member of the Senate Banking Committee, which votes on U.S. central bank nominees before they are considered by the full Senate. A White House spokesperson did not immediately respond to a request for comment.

Renominating Powell, whose term expires in February, “would send a strong signal to households, businesses, and consumers that the head of the Federal Reserve continues to enjoy broad bipartisan support, and will act as necessary to achieve its dual mandate of price stability and maximum employment,” Daines wrote.

The group wants Biden to nominate Fed Governor Lael Brainard to take Powell’s role,