Powell verified to 2nd term as Fed chairman

By a vote of 80 to 19 today, the Senate verified Jerome Powell to a 2nd term as chairman of the Federal Reserve. Powell has actually led the Fed board because 2018.

ABA President and CEO Rob Nichols praised Powell in a declaration soon after the vote. “During his time leading the nation’s central bank, Chair Powell has demonstrated a willingness to act boldly, to listen and to adjust policy when the economic outlook has changed,” Nichols stated. “Those skills helped the Fed navigate the unprecedented economic disruptions posed by the pandemic and will help Chair Powell navigate the nation’s current economic challenges. America’s banks remain committed to working with Chair Powell and the Fed to support the economy while maintaining the strength and resiliency of our banking system, which remains the envy of the world.”

Earlier today, the Senate verified Lisa Cook and Phillip Jefferson to serve terms on the Fed board. President Biden’s candidate for vice chair for guidance, Michael Barr, is arranged to have his very first verification hearing in the Senate Banking Committee next week.


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