Jerome Powell’s second four-year term as chairman of the US Federal Reserve has been approved by the US Senate, the upper house of the US Congress.
Mr. Powell’s new term ends in February 2026.
80 senators voted in favor, compared to 19 who voted against.
Thirteen Republican senators voted against, along with six of their “left-wing” Democratic counterparts.
In late November, after two months of deliberation and reflection, US President Joe Biden decided to nominate Powell for a second term. According to analysts, the choice was almost mandatory, given the cross-party assessment enjoyed by the current Fed chairman.
Earlier, Senate Democrats also approved the appointment of Lael Brainard, who had worked for the governments of Presidents Clinton and Obama, for a four-year term as No. 2 on the central bank. Lisa Cook, a professor of economics at Michigan State, became the first African-American to be approved as a board member. of the Fed. The Senate has finally approved the appointment of Philip Jefferson, an African-American professor of economics at Davidson College.
Once the last appointment, that of Michael Barr, is completed, the Fed will have a new Board. 7 members, with those nominated by President Biden being 5, compared to 2 by former President Trump.
Source: Capital
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