Senate confirms Jerome Powell for a second term as Fed Chair

The Senate on Thursday voted 80-19 to confirm Jerome Powell for a second term as Federal Reserve chairman.

While legislators from both parties tuned To confirm Powell, there were also senators on both sides of the political aisle who voted against confirming — Sens. Rand Paul (R-Ky.), Richard Shelby (R-Ala.), Bernie Sanders (I-Vt.) , Jon Ossoff (D-Ga.) and Elizabeth Warren (D-Mass.) were some of the 19 lawmakers who voted against the confirmation.

“Today I voted no on the reconfirmation of Jay Powell as Chair of the @FederalReserve,” Sen. Shelby said in a Explanation. “American families face runaway inflation and historically high prices. Powell and the rest of the Fed have failed the American people. We should not reward failure.”

“I like and respect Chairman Powell,” Ossoff said in one Explanation. “But 8.3 percent inflation hurts my constituents a year after the Fed predicted inflation was ‘temporary.’ The Fed stuck with its massive quantitative easing even after it became clear that inflation was worse than forecast. These are policy mistakes that have exacerbated inflation and hit low-income people the most. I know that Chairman Powell has a difficult job in difficult times and I sincerely hope for his success in his second term.”

Americans are plagued by high prices as rising inflation eats away at the purchasing power of their hard-earned dollars. The Fed has hiked interest rates to combat roaring inflation.

The US Bureau of Labor Statistics released CPI data on Wednesday: “The index for all items rose 8.3 percent for the 12 months ended April, down from the 8.5 percent increase for the period ended March.” BLS press release written down.

Then-President Donald Trump nominated Powell for his first term as Chairman of the Federal Reserve, and President Joe Biden nominated Powell for a second term. Powell’s first term ended in early February, but he has served as chair pro tempore.