The Senate voted 80-19 to give Jerome Powell a second four-year run at the central bank's helm. The 69-year-old former investment banker faced two major crises in his first term, the Covid pandemic and the 40-year high in inflation. Delays had come as senators deliberated over other nominees Biden had made.

Biden picks a policymaker first put in the position by President Donald Trump. Sarah Bloom Raskin withdrew her name following controversy over her appointment. Lisa Cook and Philip Jefferson were only recently confirmed as governors. Powell orchestrated a series of maneuvers aimed at pulling the nation out of its steepest downturn in history.

Powell has faced some criticism for moving too slowly to address the threat. The Fed last week raised benchmark rates by half a percentage point, the most aggressive move in 22 years. In a rare digression last week, Powell addressed the public directly and said the Fed is deeply committed to bringing prices down.
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