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Powell Wins Support of Majority of GOP Senators on Banking Panel By Bloomberg

by Mike Robinson

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© Bloomberg. Jerome Powell, Chairman of the U.S. Federal Reserve, will be appearing at a hearing before the Senate Banking Committee in Washington, D.C., U.S.A, U.S.A, U.S.A on Thursday, 15 July 2021. Powell stated yesterday that the U.S. economy has not recovered sufficiently to allow the central bank to reduce its massive monthly asset purchases. Al Drago/Bloomberg

(Bloomberg – Federal Reserve Chairman Jay Powell enjoys the support of over half the Republicans sitting on the Senate Banking Committee. He could be able to earn another term at the top of the central banking institution despite strong criticism from Democratic Senator Elizabeth Warren.

Idaho Senator Mike Crapo said Tuesday that he will vote for Powell’s confirmation if President Joe Biden nominates him. This makes him seventh Republican on the Banking panel who endorsed the current Fed Chair. Crapo also serves as the Finance Committee’s top Republican. Biden is yet to name the Fed Chief nominee.

His term ends in February 2022. Democrats also support Powell. They have been highly commended for their handling of the pandemic. However, Warren, the Massachusetts progressive, has opposed his reappointment, calling Powell “dangerous” for his stance on banking regulations and saying he “failed” as a leader in managing a scandal involving stock trading from top Fed officials.

The growing support from Republicans could mean that Powell could easily be re-confirmed in the Senate, even if a handful of Democrats don’t vote for him. Karine Jean Pierre, a White House spokesperson, said Tuesday that Biden had continued to have confidence in Powell despite the revelations about stock trading.

Sherrod Brown (an Ohio Democrat) is the Chairman of Senate Banking Committee. However, he expressed reservations over Powell and said he would support Powell if Biden was to renominate.

Biden was not asked by any Democratic Senator to identify a possible alternative to Powell. Bloomberg reports that Powell is supported by Janet Yellen who is Treasury Secretary.

Others Republicans that have stated they will vote for Powell are Senators Thom Tillis in North Carolina, John Kennedy from Louisiana, Steve Daines, Steve Daines, Jerry Moran, Mike Rounds, South Dakota, and Kevin Cramer, both of North Dakota.

©2021 Bloomberg L.P.

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