Jerome Powell Reconfirmed As Federal Reserve Chair

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Even though inflation has reached all-time highs under Jerome Powell’s watch, the United States Senate voted on Thursday to confirm him for a second term as chair of the Federal Reserve with a vote of 80 to 19.

Senators ranging from Sen. Ted Cruz (R-Texas) to Sen. Bernie Sanders (I-Vermont) were among the 19 senators who voted “Nay,” 13 of whom were Republicans and 5 of whom were Democrats (I-Vt.).

Sen. Elizabeth Warren, Democrat of Massachusetts, sent out a tweet after her nay vote that said working families should not bear the cost of fighting inflation.

In his role as Chair of the Federal Reserve, Jerome Powell is tasked with ensuring that the U.S. economy is strengthened without stifling its expansion or making life more difficult for families who are already contending with higher prices.

Other Democrats in the Senate provided a variety of explanations for their decision to oppose Powell’s nomination for a second term.

Sen. Jeff Markley, a Democrat from Oregon, wrote on Twitter that the current state of the climate poses an immediate and potentially cataclysmic risk to the economy. Jerome Powell has not taken the matter seriously, has not prevented large financial institutions from piling on risk, and has not adequately regulated Wall Street. Today, I cast my vote against his nomination.

Sen. Bob Menendez, a Democrat from New Jersey, explained his vote by stating that the Fed continues to miss critical opportunities to appoint Latinos at the highest levels of its leadership under Powell’s leadership. Menendez cast his vote against the nomination.

Powell has been the Chairman of the Federal Reserve since 2018.

The Federal Reserve increased interest rates by a half of a percentage point just one week ago in an effort to reduce the historically high rate of inflation in the United States.