Fed Chair Powell may get Senate approval Thursday

Federal Reserve Chairman Jerome Powell may win Senate confirmation Thursday afternoon, according to CSPAN.

Powell was nominated for a second term by President Biden.

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There was a chance for the vote to take place Wednesday night, according to the original schedule from Senate Banking Committee Chairman Sherrod Brown, a Democrat from Ohio.

Brown said the Senate’s busy schedule on Wednesday could push the vote into Thursday, according to Reuters.

The Federal Reserve raises interest rates by half a point for the first time in 20 years

Powell and the Federal Reserve are taking steps to try to tame inflation that has reached its highest level in 40 years.

Jerome H. Powell, Chairman of the Federal Reserve Board of Governors, speaks during a confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs on January 11, 2022, in Washington, DC. ((Photo by Graeme Jennings-Pool / Getty Images / Getty Images)

Earlier this month, it was feed it It raised the benchmark interest rate by half a point for the first time in two decades.

Fed Powell pledges to fight inflation at renewal session

In January, at Powell’s re-nomination hearing, he reiterated the central bank’s commitment to cooling hyperinflation when he made his case for a second term.

This May 4, 2021 file photo shows the Federal Reserve Building in Washington. ((AP Photo / Patrick Semansky, File) / Associated Press)

Senate Economics Philip Jefferson confirmed before the Federal Reserve Board of Governors late Wednesday, in the latest addition to the committee after delays and setbacks for some of Biden’s Fed nominees, according to the Associated Press.

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Jefferson becomes the fourth black man to serve on the Federal Reserve Board, and will join Lisa Cook, the first black woman on the Federal Reserve in its 108-year history. It was confirmed earlier this week.