Powell and the Fed are making moves to tame inflation that has reached a 40-year high.
The Senate Thursday confirmed Federal Reserve Chairman Jerome Powell to a second four-year term as the central bank faces the highest inflation in 40 years.
Powell was confirmed in a bipartisan vote of 80 to 19. The Senate confirmed economist Phillip Jefferson to the Fed's Board of Governors late Wednesday, one of several recent additions to the panel after delays and setbacks for some of President Biden's Fed nominees. Biden has now placed four members on the seven-member board - Jerome Powell, Lael Brainard, Lisa Cook, and Philip Jefferson.
The Senate Banking Committee will meet next Thursday to review Biden's one remaining nomination to the Fed, Michael Barr, who is being considered for the Fed’s vice chair for supervision.