U.S. Senate confirms Jerome Powell as Fed chair for another four years

The U.S. Senate has confirmed the nomination of Jerome Powell as chairman of the Federal Reserve System Board of Governors until 2026.

In a landslide vote of 80 to 19 in the Senate on Thursday, U.S. lawmakers comfirmed Powell served as Fed chair, a position he held from February 2018 until February 2022, when he was named interim chair until a confirmation vote.Powell is one of four Fed nominees awaiting full Senate vote after weeks of delay partly due to partisan obstruction – Republican lawmakers on Senate Banking Committee boycott meeting That could send Powell’s nomination to the Senate for a vote in February.

However, some U.S. President Joe Biden’s nominations for the Federal Reserve have advanced recently. April, the Senate Lael Brainard confirmed as Fed vice chair On Tuesday, Vice President Kamala Harris voted 52 to 43 to break a tie, confirming economist Lisa Cook as a Fed governor until 2024. Philip Jefferson won the largest bipartisan vote with 91 to 7 votes on Wednesday, which also gives the economist a seat on the Federal Reserve Board until 2036.

Michael Barr, a former Obama administration official who served on Ripple Labs’ advisory board from 2015 to 2017, is awaiting approval from lawmakers after President Joe Biden announcing him as his choice In April, he was the vice chairman of the Fed’s supervision. According to the White House, Barr was the “key architect” of the Dodd-Frank Act – which continues to influence the country’s financial policy.

During his first tenure as Fed chairman, Powell was outspoken about the role he believes digital assets should play in U.S. markets as the space grows.He said in September 2021 that he was unlikely to support a blanket ban about cryptocurrencies and Also praises stablecoins As “a useful and effective part of the financial system serving consumers, if properly regulated”.

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In addition to the Securities and Exchange Commission and the Commodity Futures Trading Commission, the Federal Reserve is responsible for many of the regulations surrounding digital assets in the United States. President Biden also signed an executive order in March directing government agencies to coordinate and consolidate policy on the national cryptocurrency framework.