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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.
Biden said it was essential to preserve “stability and independence” on the Fed board as inflation rose far faster than most economists expected.
US consumer prices have risen to their highest levels in more than 40 years, with costs for food, fuel, housing, and other necessities wiping out the pay raises that Americans have received.
Source - Reuters
Picture Credits: CNBC
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