Senate confirms Powell for 2nd term as Fed chair in bipartisan vote

The Federal Reserve's Jerome Powell secured a second term at the helm of the "world's most important central bank" after the Senate on Thursday voted to reconfirm him to his position as Fed chair, Politico reports. In a bipartisan 80-19 vote, lawmakers approved Powell for another four years, even after the Fed "faced heat for being slow to react" to signs of inflation that crept across the economy last fall.

Now, in an attempt at taming a rampant surge in prices, "Powell has already kicked off a campaign of interest rate increases designed to rein in spending and slow growth," Politico writes. Last week, the central bank raised rates a half a percent.

"I am pleased to see the Senate take a step forward on my agenda to get inflation under control by confirming my nominees to the Fed," President Biden wrote in a statement following the vote.

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Earlier this week, the Senate also confirmed to the Fed's board two new members — Lisa Cook and Philip Jefferson — after having confirmed Lael Brainard as vice chair at the end of April.

"The Federal Reserve plays a primary role in fighting inflation," Biden continued in his statement, "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."