The US Senate on Thursday voted to confirm Jerome Powell as chairman of the Federal Reserve, making official his position as head of the country's central bank for another four-year term.
Senate lawmakers passed the confirmation in a vote of 80-19. Powell, who served as chairman under the Trump administration as well, was nominated to continue his role by President Joe Biden and received bipartisan support.
Powell has been managing the United States' monetary policy through the pandemic and recent inflation. Powell has said the Federal Reserve has a good chance to restore price stability without a recession, without a severe downturn, and without materially higher unemployment.
Biden in a statement issued following Powell's confirmation said that he is pleased by the Senate's actions and that it will help move forward the administration's agenda to fight inflation.
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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