Powell Sworn In To Second Four-year Term As Fed Chief

Federal Reserve Chair Jerome Powell was sworn in on Monday for his second four-year term as head of the U.S. central bank, the Fed said in a statement.

Also sworn in Monday were Lael Brainard as the Fed’s new vice chair, and the two newest members of the Fed’s Board of Governors, Philip Jefferson and Lisa Cook, who are both Black economists.

Cook is the first Black woman to ever serve on the Fed’s board. This is also the first time the Fed will have ever had more than one Black policymaker at the same time.

The swearing in means six of the seven seats on the Fed’s board are filled just weeks before the central bank’s June 14-15 policy meeting, at which it is expected to raise its benchmark overnight lending rate by half a percentage point as it battles 40-year-high inflation.

Reuters

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