The Senate on Thursday voted 80-19 in favor of confirming Jerome Powell to a second term as chair of the Federal Reserve.
While lawmakers from both parties voted to confirm Powell, there were also senators on both sides of the political aisle who voted against confirmation — Sens. Rand Paul (R-Ky.), Richard Shelby (R-Ala.), Bernie Sanders (I-Vt.), Jon Ossoff (D-Ga.), and Elizabeth Warren (D-Mass.) were some of the 19 lawmakers who voted against confirmation.
“Today, I voted no on the reconfirmation of Jay Powell to be Chairman of the @FederalReserve,” Sen. Shelby said in a statement. “American families are facing rampant inflation and historically high prices. Powell and the rest of the Fed have failed the American people. We should not reward failure.”
— Richard Shelby (@Richard Shelby)
“I like and respect Chairman Powell,” Ossoff said in a statement. “But 8.3 percent inflation is hurting my constituents a year after the Fed predicted inflation was ‘transitory.’ The Fed persisted in massive quantitative easing even after it was clear inflation was worse than forecast. These are policy errors that have worsened inflation and hurt low-income people the most. I recognize that Chairman Powell has a difficult job in challenging times, and I sincerely hope for his success in his second term.”
— Miryam Lipper (@Miryam Lipper)
Americans have been getting hammered by high prices as soaring inflation eats away at the purchasing power of their hard-earned dollars. The Fed has been hiking interest rates in a bid to combat the roaring inflation.
The U.S. Bureau of Labor Statistics released consumer price index data on Wednesday: “The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March,” the BLS press release noted.
Then-President Donald Trump nominated Powell to his first term as Federal Reserve chair, and President Joe Biden nominated Powell to a second term. Powell’s initial term ended in early February, but he has been serving as chair pro tempore.