US Senate elects Powell for a second term as Fed Chair
Senators voted 80-19 to approve Powell for another four-year term
By Yashasvini Razdan
Published - May 12, 2022, 06:18 PM ET
Last Updated - Feb 27, 2024, 02:05 PM EST
The Senate on Thursday voted to confirm Federal Reserve Chairman Jerome Powell for a second term leading the central bank’s board of governors as the Fed scrambles to get ahead of high inflation.
Senators voted 80-19 to approve Powell for another four-year stint chairing the Fed board, a position he was first appointed to by former President Trump.
Preserving stability
Powell was nominated for the second term by President Joe Biden who faced pressure to replace Powell, a Republican, with a bonafide liberal who would tighten bank rules.
