Fed's Powell could get Senate renomination nod Thursday
Powell and the Fed are making moves in an attempt to tame inflation that has reached a 40-year high
Federal Reserve Chairman Jerome Powell could win Senate confirmation as soon as Thursday afternoon, according to CSPAN.
Powell was nominated for a second term by President Biden.
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There had been a chance that the vote would take place Wednesday night, according to the original timeline from Senate Banking Committee Chair Sherrod Brown, D-Ohio.
WASHINGTON, DC - JANUARY 11: Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve, is sworn in during a confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee on January 11, 2022, in Washington, DC. ((Photo by Graeme Jennings-Pool/Getty Images) / Getty Images)
Brown said a crowded Wednesday Senate agenda could push the vote into Thursday, according to Reuters.
FED RAISES INTEREST RATES BY A HALF POINT FOR FIRST TIME IN 20 YEARS
Powell and the Fed are making moves in an attempt to tame inflation that has reached a 40-year high.
Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve, speaks during a confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee on January 11, 2022, in Washington, DC. ((Photo by Graeme Jennings-Pool/Getty Images) / Getty Images)
Earlier this month, The Fed raised its benchmark interest rate by a half point for the first time in two decades.
FED’S POWELL PLEDGES INFLATION FIGHT IN RENOMINATION HEARING
In January, at Powell's renomination hearing, he hammered home the central’s bank commitment to cooling red-hot inflation as he made his case for a second term.
This May 4, 2021, file photo shows the Federal Reserve building in Washington. ((AP Photo/Patrick Semansky, File) / Associated Press)
The Senate confirmed economist Phillip Jefferson to the Fed's Board of Governors late Wednesday, the latest addition to the panel after delays and setbacks for some of Biden's Fed nominees, according to the Associated Press.
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Jefferson becomes the fourth Black man to serve on the Fed’s board, and he would join Lisa Cook, the first Black woman on the Fed in its 108-year history. She was confirmed earlier this week.