Senate gives Fed Chairman Powell vote of confidence and a second 4-year term

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Federal Reserve Chairman Jerome Powell on Thursday was given a vote of confidence by lawmakers.

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The Senate voted to confirm Powell to a second four-year term that will end in February 2026.

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The vote on final confirmation was 80 to 19.

Thirteen Republicans voted against Powell along with six progressive Democrats.

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After two months of growing speculation, President Joe Biden decided in late November to give Powell a second term. Analysts said Biden didn’t have much choice given the bipartisan support that Powell enjoyed.

Before moving on Powell’s nomination, Senate Democrats confirmed three other Biden picks to the Fed’s board.

They gave Fed Governor Lael Brainard, who had worked for the Clinton and Obama administrations, a four-year term as Powell’s No. 2. Lisa Cook, an economics professor at Michigan State, became the first Black woman to be confirmed to the Fed board. The Senate also confirmed Philip Jefferson, a Black economics professor at Davidson College.

Senate Banking Committee Chairman Sherrod Brown, Democrat from Ohio, vowed to move quickly on Biden’s last Fed nominee — Michael Barr, a former Obama Treasury official, to be the Fed’s vice chair for Banking Supervision. Once Barr is confirmed, the Fed will have a full slate of seven governors and Biden nominees will outnumber Trump’s picks by a count of 5-2.

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Credit: www.marketwatch.com /

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