Jerome Powell received bipartisan support.
The Senate on Thursday voted 80-19 to give Federal Reserve Chairman Jerome Powell a second four-year term, keeping him as the head of the U.S. central bank as he puts his energies toward addressing the highest inflation in 40 years.
The Fed chairman has already begun a program of interest rate hikes intended to rein in spending and slow growth in the hopes of calming surging prices, a move many are concerned could send the economy into recession. But the central bank has faced disapproval for being slow to react even as inflation showed signs of broadening across the economy last fall.
As the Lord Leads, Pray with Us…
- For the chairman of the Federal Reserve as he heads the central bank board.
- For the president and federal legislators as federal spending plans continue to be implemented.
- For members of the Federal Reserve to seek God’s wisdom as they attempt to address inflation by raising interest rates.
Sources: Politico, Wall Street Journal
