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Powell is expected to lead US monetary policy committee and tame inflation with rate hikes
Jerome Powell, who has been nominated for a second term as chair of the US Federal Reserve, could win confirmation from the Senate as soon as late Wednesday.
Lawmakers are also expected to vote on Philip Jefferson, whom President Biden nominated as one of the Fed governors.
Davidson College dean of faculty Jefferson would become the fourth Black man to serve as a Fed governor in the central bank’s history.
When asked about the status of the Fed Board confirmation votes, Senate Banking Committee Chair Sherrod Brown told Reuters that they could take place “either tonight or tomorrow. ... I’m confident we’ll get them done by tomorrow.”
Both Powell and Jefferson have support from both Democrats and Republicans and are expected to receive votes in favor.
If Powell is selected as the Fed chair for the second term, he would be in charge of the US monetary policy committee and will lead the attack on inflation with a series of hefty interest rate hikes.
Michigan State University economics professor Lisa Cook won Senate confirmation as the first Black woman governor of the central bank on Tuesday.
Picture Credit: CNBC
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