Powell confirmed to second term as Fed chairman

By a vote of 80 to 19 today, the Senate confirmed Jerome Powell to a second term as chairman of the Federal Reserve. Powell has led the Fed board since 2018.

ABA President and CEO Rob Nichols congratulated Powell in a statement shortly after the vote. “During his time leading the nation’s central bank, Chair Powell has demonstrated a willingness to act boldly, to listen and to adjust policy when the economic outlook has changed,” Nichols said. “Those skills helped the Fed navigate the unprecedented economic disruptions posed by the pandemic and will help Chair Powell navigate the nation’s current economic challenges. America’s banks remain committed to working with Chair Powell and the Fed to support the economy while maintaining the strength and resiliency of our banking system, which remains the envy of the world.”

Earlier this week, the Senate confirmed Lisa Cook and Phillip Jefferson to serve terms on the Fed board. President Biden’s nominee for vice chair for supervision, Michael Barr, is scheduled to have his first confirmation hearing in the Senate Banking Committee next week.