The Senate Banking Committee advanced nominees for Federal Reserve Board Vice Chair and FRB Members of the Board of Governors.
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The Senate Banking Committee questioned nominees for Federal Reserve Board Vice Chair and Board Governor.
In a 54-40 vote, the U.S. Senate confirmed Lael Brainard to a four-year term as Vice Chair of the Board of Governors of the Federal Reserve System.
At a hearing before the Senate Banking Committee on her nomination to become Vice Chair of the Federal Reserve Board, Governor Lael Brainard argued that monetary policies must be "focused on getting inflation back down to 2 percent while sustaining a recovery."
In testimony before the Senate Banking Committee at a hearing on his nomination for a second term, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, concluded that the economy no longer needs the highly accommodative policies in place to deal with the pandemic and the aftermath.