“Few institutions are more important to help steer our economy in the right direction and to fight inflation than the Fed,” said Senate Majority Leader Chuck Schumer ahead of the vote.
He added that “Chairman Powell presided as Fed chair during some of the most challenging moments in modern American history.”
After serving out his four-year term in February, Powell had been acting as chair pro tempore after Republican lawmakers had blocked the confirmation process. At issue, was President Joe Biden’s pick for chair of supervision, Sarah Bloom Raskin, who many Republicans believed was overly focused on green energy and environmental issues at a time when Russia’s invasion of Ukraine continues to send fuel prices through the roof.
During Thursday’s vote, Senator Bob Menendez (D-NJ) voted against Powell, saying the Fed has “opted to continue the shameful 108-year legacy of Latinos being left out of the Federal Reserve’s leadership.”