Jerome Powell confirmed by Senate to second term as Fed chair

Key Facts

Politics Updated on: May 13, 2022 / 7:45 AM / CBS News Biden pushes back at GOP over inflation Biden pushes back at GOP over inflation, rising costs 04:34 The Senate confirmed Federal Reserve Chair Jerome Powell to a second term with a strong bipartisan vote of 80-19 Thursday, following the confirmation of other Fed board nominees.
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.
Treasury Secretary Janet Yellen, testifying before Congress earlier this week, said she believes the Federal Reserve can control inflation without causing a recession, pointing to a strong job market and strong household financials, among other things.
- Federal Reserve raises interest rates to try to tame soaring inflation The chairman of the Federal Reserve serves a four-year term, and Powell, who was nominated by former President Trump to be chairman in 2017, has been serving in an interim capacity since his first term expired at the end of January.