Late Wednesday night, a major Senate panel approved President Joe Biden’s efforts to renominate Federal Reserve Chair Jerome Powell, alongside other two nominees to the Federal Board.
However, the Senate panel is currently deadlocked on a fourth nominee, though her nomination is anticipated to advance to fuller consideration by the entire. Senate.
Sherrod Brown, who serves as the Senate Banking Committee Chair, praised Powell for his stewardship of the Federal Reserve throughout the COVID pandemic, as well as for his defense of the independence of the central bank, allegedly in response to aggression from former President Donald J. Trump.
Consequently, “[Powell] has earned the opportunity to lead the Fed as chair,” Brown proclaimed.
The Senate panel also voted in favor of advancing Fed Governor Lael Brainard to Fed Vice Chair, as Philip Jefferson, who is the Dean of Faculty at North Carolina-based Davidson College.
Along with Powell’s, their names will also be sent to the full Senate.
While 23 members of the key panel voted in favor of advancing Powell’s nomination, a key senator voted against Biden’s wishes: Elizabeth Warren, who was the only dissenter.
The move to renominate Powell emerged just hours after the Federal Reserve Chairman declared that he would be increasing interest rates in the coming year in order to combat skyrocketing inflation.
On Wednesday, the Federal Reserve announced an increase of 0.25 in interest rates, with additional micro-hikes anticipated throughout the coming months.