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.
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On January 14, 2022, President Joseph R. Biden sent nominations to the Senate to fill vacancies on the Federal Reserve Board.
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.
President Joseph R. Biden sent nominations to the Senate to fill key regulatory positions.