Federal Reserve Chairman Jerome Powell confirmed by Senate for a second term

Read Time:1 Minute, 53 Second


Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting on May 04, 2022 in Washington, DC. Powell announced the Federal Reserve is raising interest rates by a half-percentage point to combat record high inflation.

Win Mcnamee | Getty Images

As he and his colleagues engaged in a bruising inflation battle, Federal Reserve Chairman Jerome Powell found out Thursday that he will be serving another term.

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.

Delays had come as senators deliberated over other nominees Biden had made for the central bank. Sarah Bloom Raskin withdrew her name following controversy over her appointment, while Lisa Cook and Philip Jefferson were only recently confirmed as governors.

In choosing Powell, Biden picks a policymaker first put in the position by President Donald Trump, who proceeded to mock the chairman and his fellow policymakers as “boneheads” when they increased interest rates.

Powell then found himself in the middle of one of the nation’s gravest crises when Covid-19 raged into a global pandemic in March 2020.

He orchestrated a series of maneuvers aimed at pulling the nation out of its steepest downturn in history, using a blend of lending and market-boosting programs combined with slashing interest rates to near-zero and instituting a bond-buying program that would explode the Fed’s holdings to $9 trillion.

More recently, Powell and the Fed have faced another crisis — the worst inflation surge since the early 1980s, with price increases running at more than 8% annually for the past two months. Powell has faced some criticism for moving too slowly to address the threat , though the Fed last week raised benchmark rates by half a percentage point, the most aggressive move in 22 years.

In a rare digression last week, Powell addressed the public directly and said the Fed is deeply committed to bringing prices down and will use all the tools at its disposal to do so.


Do you like money and finances? I invite you to go to finance news

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Accept
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active

Who we are

Suggested text: Our website address is: https://updatednews24.com.

Comments

Suggested text: When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.

Media

Suggested text: If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.

Cookies

Suggested text: If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select "Remember Me", your login will persist for two weeks. If you log out of your account, the login cookies will be removed. If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Suggested text: Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website. These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

Suggested text: If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

Suggested text: If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue. For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

Suggested text: If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where we send your data

Suggested text: Visitor comments may be checked through an automated spam detection service.
Save settings
Cookies settings