US President Joe Biden (left) nominated Jerome Powell (right) for a second term as Federal Reserve chair amid a record-high wave of inflation in the US economy
WASHINGTON: Federal Reserve Chair Jerome Powell will highlight the central bank’s efforts to fight inflation and stabilise the US economy at his confirmation hearing, according to testimony released Monday.
However, the Republican will likely also face questions about his ethics from a Democratic senator, after a media report raised further questions over whether a Fed official had traded securities to benefit from the upheaval caused by the Covid-19 pandemic in 2020.
Powell’s testimony Tuesday before the Senate Banking Committee comes after President Joe Biden nominated him for a second term leading the central bank as the US economy deals with a…
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