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Federal Reserve Chairman Jerome Powell testifies Tuesday before the Senate Banking Committee as part of his confirmation process to head the central bank for a second term.
Powell will deliver prepared remarks then take questions from panel members. In making his case for another term, he said the economy is recovering strongly from the pandemic plunge and the banking system is in solid shape.
At the same time, he expressed concerns about inflation and said the Fed will take the necessary steps to control rising prices.
“The Federal Reserve works for all Americans. We know our decisions matter to every person, family, business, and community across the country,” he said in his statement to the committee. “I am committed to making those decisions with objectivity, integrity, and impartiality, based on the best available evidence, and in the long-standing tradition of monetary policy independence.”
Powell’s appearance will be followed Thursday by a hearing for current Fed Governor Lael Brainard, who has been nominated for the vice chair position.