Jerome Powell has been in office since February 2018.

The Banking Committee of the Senate of the US Congress recommended approving the candidacy of the current Chairman of the U.S. Federal Reserve System (FRS) Jerome Powell for a second term in this post. The meeting was broadcast on the committee’s website.

Powell’s candidacy for this position was previously nominated by U.S. President Joe Biden. Treasury Secretary Janet Yellen spoke in support of this decision. Powell’s candidacy will have to be approved by the full Senate.

Powell has been the head of the Fed since February 2018. He was nominated as a candidate for this post by the previous U.S. President Donald Trump. The Republican later often subjected Powell to harsh criticism.

The Fed performs the role of the central bank in the United States, conducting the country’s monetary policy by influencing the conditions of monetary circulation and determining the bank loan rate. The Fed unites 12 Federal Reserve banks located in the largest cities of the United States. The Board of Governors of the Federal Reserve consists of seven people and is the governing body of this department. Ordinary members are appointed for a 14-year term, the head of the Fed – for four years.