(CNN) The US Senate on Thursday overwhelmingly confirmed Jerome Powell to a second term as chairman of the Federal Reserve. "Few institutions are more important to help steer our economy in the right direction and to fight inflation than the Fed," said Senate Majority Leader Chuck Schumer ahead of the vote. He added that "Chairman Powell presided as Fed chair during some of the most challenging moments in modern American history." Under Powell's leadership, the Fed ended its pandemic stimulus program, began to raise interest rates and announced the roll off of its massive balance sheet to fight the nation's rampant inflation. Powell, 69, was nominated in 2017 by former President Donald Trump to serve as head of the central bank, replacing Janet Yellen.

Source: CNN May 13, 2022 04:41 UTC