Jerome Powell is set to begin his second term as chair of the Federal Reserve after receiving bipartisan support in a Senate confirmation vote Thursday.
Powell’s nomination for the role was confirmed by an 80-19 margin, a reflection of the backing he received from President Joe Biden and other key administration members despite being a Republican. His new term will run four years, though his time on the board of the Fed isn’t set to expire until 2028.
Powell was nominated for a second term in November. The process to reappoint him was held up by Biden’s controversial choice to put forward Sarah Bloom Raskin to serve as vice chair for supervision at the Fed. Republicans stonewalled all other nominations at the regulator until Raskin withdrew her candidacy in March.
Biden has since nominated Michael Barr to serve in the Fed supervision role.
The backup of Fed nominees began to clear up in late April with the confirmation of Lael Brainard to serve as vice chair. Earlier this week, Lisa Cook and Philip Jefferson were each confirmed to the agency’s board of governors.
“I want to thank the Senate for confirming Jerome Powell, Dr. Lisa Cook, and Dr. Philip Jefferson this week, joining the recent confirmation of Dr. Lael Brainard,” said Biden in a statement. “The Federal Reserve plays a primary role in fighting inflation, and these well-qualified members of the board will bring the skill and knowledge needed at this critical time for our economy and families across the country.”
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