The daily business briefing: May 13, 2022

The Senate overwhelmingly confirms Fed Chair Jerome Powell to another term, Biden tries to ease the baby-formula shortage, and more

Baby formula
(Image credit: Ting Shen/Bloomberg/Getty Images)

1. Senate confirms Fed Chair Jerome Powell to 2nd term

The Senate overwhelmingly confirmed Federal Reserve Chair Jerome Powell to a second four-year term on Thursday. Powell this spring started a campaign of interest rate hikes and asset sales in a bid to slow growth and bring down the highest inflation in 40 years. The central bank has faced criticism for not taking action against rising prices sooner, but senators still backed Powell in a bipartisan 80-19 vote. Senate Banking Chair Sherrod Brown (D-Ohio) praised Powell and the three other new Fed leaders nominated by President Biden: Lael Brainard, named as the Fed's No. 2; Lisa Cook, who will be the first Black woman to serve on the board; and economist Philip Jefferson. All have been confirmed.

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