WASHINGTON: In a long-awaited vote, the United State Senate confirmed Jerome Powell as chairman of the Federal Reserve for a second term, allowing him to continue leading the Federal in taming the highest inflation in four decades.

Powell was confirmed to a second four-year term by an 80-19 majority, some six months after President Joe Biden announced his nomination. Powell's job, as the Federal Reserve adopts more aggressive efforts to reign in rising prices, will be to bring inflation down without precipitating a recession, which many analysts believe will be tough.

The Federal Reserve hiked its benchmark interest rate by a half percentage point last week, to a target range of 0.75 to 1%, marking the largest rate hike since 2000, and suggested that it will maintain hiking at that pace in the coming sessions.

Powell, 69, was appointed to run the central bank by US President Donald Trump in 2018, succeeding Janet Yellen. Powell was previously appointed to the Federal Reserve Board of Governors by former President Barack Obama.
Biden stated in November of last year that he would propose Powell for a second term as Fed chair and Fed governor Lael Brainard for vice chair. Biden nominated Sarah Bloom Raskin to be the Fed's vice chair for financial supervision, as well as Lisa Cook and Philip Jefferson to the board of governors, in January. 

Despite bipartisan support, Powell's confirmation was delayed while Congress reviewed other Fed nominations. Raskin removed her name from nomination after some MPs voiced reservations about her stance on climate change.

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