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Republican McConnell says he will probably support Powell's Fed nomination

Published 12/06/2021, 08:14 PM
Updated 12/06/2021, 08:15 PM
© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell prepares to testify before a Senate Banking Committee hybrid hearing on oversight of the Treasury Department and the Federal Reserve on Capitol Hill in Washington, U.S., November 30, 2021. REUTERS/Elizabeth

WASHINGTON (Reuters) - U.S. Senate Republican leader Mitch McConnell said on Monday he would probably end up supporting Federal Reserve Chair Jerome Powell's nomination for a second four-year term.

Speaking at a Wall Street Journal event, McConnell said: "We don't have a president who is likely to nominate somebody for the Fed that would be my first choice and I'm probably going to end up supporting Powell."

© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell prepares to testify before a Senate Banking Committee hybrid hearing on oversight of the Treasury Department and the Federal Reserve on Capitol Hill in Washington, U.S., November 30, 2021. REUTERS/Elizabeth Frantz/File Photo

The central bank chief's nomination must be confirmed by the Senate, which is split 50-50 between Democrats and Republicans, with Vice President Kamala Harris casting the tie-breaking vote.

President Joe Biden nominated Powell last month, citing his "steady leadership" that calmed panicked markets and his belief in monetary policies that support maximum employment.

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