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Senate confirms Jerome Powell for second term as Fed chair

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Posted at 3:09 PM, May 12, 2022
and last updated 2022-05-12 15:09:56-04

Jerome Powell confirmed by Senate for a second 4-year term as Fed chair, faces tough challenge in the highest inflation seen in 40 years.

President Joe Biden nominated Powell for a new term and had support from 80 senators.

19 voted against his confirmation.

“I have made it clear that tackling inflation is my top domestic priority. So 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 said after the vote.

During the vote, Senator Bob Menendez voted against Powell, accusing him of continuing the “shameful 108-year legacy of Latinos being left out of the Federal Reserve's leadership."

Powell was first nominated to lead the Federal Reserve by former president Donald Trump in 2017.

Powell replaced Janet Yellen.

After his four-year term ended in February, Powell acted as chair pro tempore, due to Republicans blocking the confirmation process.

Before serving as chairman, Powell was a private equity executive.