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Republican McConnell says he will probably support Powell’s Fed nomination -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Federal Reserve Chair Jerome Powell is preparing to testify in a Senate Banking Committee hybrid hearing about oversight of Treasury Department and Federal Reserve on Capitol Hill, Washington, U.S.A, November 30, 2021. REUTERS/Elizabeth

WASHINGTON (Reuters), – U.S. Senate Republican Chairman Mitch McConnell indicated Monday that he was likely to support Federal Reserve Chair Jerome Powell’s nomination for a fourth four-year term.

McConnell spoke at a Wall Street Journal conference and stated that “we don’t know of a president who would nominate anybody for the Fed. That would be my first choice, so I’m likely going to support Powell.”

Senate must confirm the nomination of the central bank chief. It is 50/50 between Democrats and Republicans. Vice President Kamala Harris casts the tiebreaking vote.

Last month President Joe Biden nominated Powell, noting his “steady leadership” which calmed panicked markets as well his belief that monetary policy should support maximum employment.

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