May 18, 2022
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The US Senate confirms Powell for a second term as federal head

The U.S. Senate on Thursday approved the appointment of Federal Reserve Chairman Jerome Powell to head the monetary authority for a second four-year term. The candidate received 80 votes in favor and 19 votes against.

In office from 2018, the 69-year-old former banker will hold office until 2026. Powell accepted the post after being appointed by then-President Donald Trump, from whom he will be criticized. Last year, Joe Biden, the current chairman of the White House, announced that he wanted to keep him in charge of the central bank.

Powell joined the Central Bank in 2012 and he joined the Central Bank Board. Previously, he served as Assistant Secretary of the Treasury under George HW Bush. He was also a visiting professor at the Bilateral Policy Center, focusing on tax matters.

The head of the US Federal Reserve will face the challenge of tackling the highest inflation in the United States in four decades.

Last week, the central bank raised the benchmark interest rate by 50 basis points, from 0.75% to 1.00%, indicating that further hikes may be needed.

The company also announced plans to reduce its asset balance by $ 9 trillion starting in June. The aim is to eliminate the extraordinary cash register that has been put in place to mitigate the economic consequences of the epidemic.

In addition to Powell, Biden nominated Philip Jefferson and Lisa Cook for the position of Vice President of the Central Bank Board and Lyle Brinard. All three have already been confirmed by the US Legislature.

The appointment of Michael Barr as vice chairman of oversight has not yet been put to a vote. Barr has been appointed to replace Sarah Bloom Ruskin, who has faced opposition to comments against carbon-intensive industries.