The Senate Banking Committee approved Jerome Powell's nomination to a second four-year term as chair of the Federal Reserve Wednesday, just hours after the central bank began what will be a difficult effort to combat inflation.
Fed governor Lael Brainard was also approved to serve as the Fed's vice chair, and the committee endorsed Philip Jefferson, an economist and dean at Davidson College in North Carolina. All three will now be considered by the full Senate. Lisa Cook, an economist at Michigan State, also advanced to the full Senate on a tie vote in the committee.
