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

1 min read
FILE PHOTO: Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell testify before a Senate Banking Committee hybrid hearing on oversight of the Treasury Department and the Federal Reserve on Capitol Hill in Washington

WASHINGTON – U.S. Senate Republican leader Mitch McConnell said on Monday he would probably end up supporting Federal Reserve Chair Jerome Powell’s nomination for a second four-year term.

Speaking at a Wall Street Journal event, McConnell said: “We don’t have a president who is likely to nominate somebody for the Fed that would be my first choice and I’m probably going to end up supporting Powell.”

The central bank chief’s nomination must be confirmed by the Senate, which is split 50-50 between Democrats and Republicans, with Vice President Kamala Harris casting the tie-breaking vote.

President Joe Biden nominated Powell last month, citing his “steady leadership” that calmed panicked markets and his belief in monetary policies that support maximum employment.

(Reporting by Eric eech; Writing by Mohammad Zargham; Editing by Sandra Maler)