Posted by on May 12, 2022 9:01 pm
Categories: Breaking News Epoch Times News

Jerome Powell Confirmed by Senate for a Second Term as Fed Chair

The U.S Senate reconfirmed Jerome H. Powell as the Federal Reserve chairman for a second four-year term on May 12, highlighting its confidence in the central bank’s recent policy decisions at a time of 40-year high inflation and a shaken post-pandemic economy.
The Senate approved Powell by an 80–19 vote, with several Republicans and Democrats voting against his nomination.
Sen. Patrick Toomey (R-Penn.), the ranking Republican on the Senate Banking Committee, praised Powell in a statement.
“Chairman Powell’s leadership has helped spur economic growth while preserving the best capitalized banking system in American history,” said Toomey.
“Few institutions are more important to help steer our economy in the right direction and to fight inflation than the Fed,” said Senate Majority Leader Chuck Schumer (D-N.Y.).

Originally appeared on The Epoch Times

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