Jerome Powell Is the Next Chair Of Federal Reserve System

Jerome Powell’s nomination for being the chairman of the Federal Reserve System’s board of governors has been sanctioned on the behalf of the Senate of the United States until 2026. On Thursday, voting occurred in the Senate with 80-19 being the results pointing toward the endorsement by U.S.-based policymakers regarding the chairmanship of Jerome Powell over the Federal Reserve. This position has been under him since 2018’s February till February of this year, at a time when he was nominated as the chair pro tempore till obtaining a validation vote.

Powell counted among the 4 nominees expecting a complete Senate vote after a week of procrastination, because – to some extent – of partisan blockage where Republican policymakers belonging to the Senate Banking Committee rejected a conference in February by which the nomination of Powell would probably be sent to the Senate for earlier voting.

Nonetheless, a few nominations of Joe Biden (the President of the United States) for the Federal Reserve have just moved ahead. In April, it was confirmed by the Senate that Lael Brainard would be the vice-chairman of the Fed with a majority voting of 52-43. After that, on Tuesday, Kamala Harris (the Vice President of the Fed) balloted the decisive vote to validate the governorship of Lisa Cook over the Fed for a period that will end in 2024.

On Wednesday, the biggest bipartisan support was in the favor of Philip Jefferson gaining 91-7 votes, due to which the economist was permitted to have a chair on the Fed for a time till 2036. Michael Barr, a former official from the Obama administration (who was included in Ripple Labs’ advisory board between 2015 and 2017), is expecting an endorsement from the policymakers after the declaration by Joe Biden in April regarding his selection of Barr for the vice chairmanship of the Fed.

As the White House puts it, Barr had a place of being the chief designer of the legislation named Dodd-Frank Act that has a great influence on the country’s financial policy. During his initial tenure being the Fed chairman, Powell used to frequently voice his perception regarding the part played by the digital assets across the markets in the United States with an expansion being witnessed in the markets of the United States. In his words, an outright prohibition over cryptocurrency would not be favored by him, and stablecoins also have several benefits.

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