In a rare show of bipartisanship, the Senate confirmed Jerome Powell to a second four-year term as Federal Reserve Chairman.
The 80-19 vote came as the central bank faces the highest inflation rate in 40 years,The country’s staggering inflation rate has not meaningfully harmed Powell’s reputation on the Hill, but economists on either end of the political spectrum have criticized his past reluctance to withdraw pandemic stimulus and failure to accurately assess the risk of rising prices.
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