Jerome Powell to Continue Fight Against Inflation as He’s Approved for Second Term

US Senate Committee on Banking, Housing, and Urban Affairs hearing on the confirmation of Jerome H. Powell, of Maryland, to be Chairman of the Board of Governors of the Federal Reserve System, Washington, District of Columbia, USA - 11 Jan 2022

In a show of continued confidence and a united dedication to fight inflation, the U.S. Senate has voted overwhelmingly in favor of approving Jerome Powell to serve a second term as Federal Reserve chairman.

Discover: 25 Extra Grocery Costs You’re Probably Forgetting About
More: 9 Bills You Should Never Put on Autopay

The Senate endorsed President Joe Biden’s nominee for another four-year stint by a vote of 80-19 on May 12.

Powell, 69, has served on the Federal Reserve board since 2012 — under former chairs Janet Yellen and Ben Bernanke — after being nominated by former President Barack Obama. He became chair in 2018 after nomination by former President Donald Trump.

In November of 2021, President Biden nominated him again, despite opposition from some left-leaning senators such as Bernie Sanders and Elizabeth Warren, who were among the liberal lawmakers who voted against Powell’s selection.

However, Powell is broadly popular among both Democrats and Republicans. In November, Biden endorsed his re-nomination during a time of uncertainty caused by the lingering COVID-19 pandemic. The president praised the Senate’s endorsement of the chairman yesterday, as well as the confirmations of Lisa Cook and Philip Jefferson to the Fed board earlier this week.  

Make Your Money Work for You

“The Federal Reserve plays a primary role in fighting inflation, 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,” said Biden via a White House statement.

Powell and the Federal Reserve board will continue the balancing act of attempting to lower the current 40-year-high inflation rate through a series of interest rate hikes. No less than seven interest rate increases are due this year, two of which have already happened.

See: POLL: Have You Skipped Any of These Essential Expenses Due to Rising Prices?
Find: Elon Musk, Inflation, Crypto Crash, SNAP/Food Stamps, Social Security and More Financial Updates

Despite inflation easing very slightly in April, the Fed is worried prices are climbing too fast as people continue to spend money. Demand is so strong that it’s outpacing what businesses can deliver, especially given the current supply chain issues and with companies struggling to find enough workers.

Make Your Money Work for You

More From GOBankingRates

Make Your Money Work for You

About the Author

David Nadelle is a freelance editor and writer based in Ottawa, Canada. After working in the energy industry for 18 years, he decided to change careers in 2016 and concentrate full-time on all aspects of writing. He recently completed a technical communication diploma and holds previous university degrees in journalism, sociology and criminology. David has covered a wide variety of financial and lifestyle topics for numerous publications and has experience copywriting for the retail industry.
Learn More


See Today's Best
Banking Offers