US Senate reaffirms Powell’s second term as Fed chairman, despite inflation

US Senate reaffirms Powell's second term as Fed chairman, despite inflation

Story Highlights

  • The US Senate confirmed Jerome Powell as chairman of the Federal Reserve on Thursday, reaffirming his status as the country’s central banker for another four years. The confirmation was approved by a vote of 80-19 in the Senate. Powell, who also served as chairman during the Trump administration, was nominated by President Joe Biden and got bipartisan support for his nomination. Throughout the pandemic and subsequent inflation, Powell has been in charge of the US monetary policy. Powell has stated that the Federal Reserve has a fair possibility of restoring price stability without a recession, a severe downturn, or a significant increase in unemployment. Following Powell’s confirmation, Biden made a statement expressing his satisfaction with the Senate’s actions. The Federal Reserve plays a primary role in efforts to combat inflation and well-qualified board members like Powell will bring the knowledge needed to help the economy and families across the country, Biden added. Biden in the statement also called on the Senate to swiftly confirm Michael Barr, the nominee for vice chair for supervision.