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U.S. Senate Confirms Powell for Second Term as Fed Chief
Summary: The U.S. Senate on Thursday confirmed Jerome Powell to a second four-year term as head of the Federal Reserve, paving the way for the former investment banker to continue leading the central bank as it confronts the highest inflation in 40 years, according to CNBC. The Senate voted 80-19 to give Powell a second four-year ...
The U.S. Senate on Thursday confirmed Jerome Powell to a second four-year term as head of the Federal Reserve, paving the way for the former investment banker to continue leading the central bank as it confronts the highest inflation in 40 years, according to CNBC.
The Senate voted 80-19 to give Powell a second four-year run at the central bank’s helm, ending a long-delayed vote that has been stewing since President Joe Biden nominated the 69-year-old former investment banker back in November.
The U.S. central bank began lifting its benchmark overnight lending rate in March and last week raised it again, by half a percentage point - the largest rate increase in 22 years.
“Chairman Powell’s leadership has helped spur economic growth while preserving the best capitalized banking system in American history,” Sen. Patrick Toomey, the ranking Republican on the Senate Banking Committee, said in a statement.
By Amy Liu
Tags: Fed,Jerome Powel,Senate
Link: U.S. Senate Confirms Powell for Second Term as Fed Chief [Copy]
