Several confirmed nominees were sworn in to the Federal Reserve Board.
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President Joseph R. Biden nominated Michael S. Barr to serve as a member of the Federal Reserve Board and to serve as the next Vice Chair for Supervision.
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.
The Federal Reserve Board named Jerome H. Powell as Chair pro tempore which enables him to continue his duties, pending confirmation, by the Senate to a second term as Chair of the Board of Governors.
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."