Powell Named Fed Chair Pro-Tempore Pending U.S. Senate Confirmation

(Bloomberg) -- The Federal Reserve named Jerome Powell chair pro-tempore effective Saturday, pending his confirmation by the U.S. Senate to a second term at the helm of the U.S. central bank.

“The action, effective Feb. 5, enables him to continue to carry out his duties as chair after the expiration of his term on the same day, and while the confirmation process is underway,” the Fed said in a statement.

The Senate Banking Committee plans a vote on his confirmation on Feb. 15, together with President Joe Biden's four other nominees to the central bank,  prior to consideration of them by the full Senate. Powell's renomination is expected to win broad bipartisan support.

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