On the 12th, the US Senate approved Powell's nomination for re-election as chairman of the US Federal Reserve Board with 80 votes in favor and 19 votes against, and agreed to start his second four-year term as chairman of the US Federal Reserve Board. Born in Washington, D.C., in February 1953, Powell began to serve as a director of the Federal Reserve in May 2012. He was nominated as chairman of the Federal Reserve during Trump's term of office and took over the helm of the Federal Reserve from Yellen in February 2018. US President Biden nominated Powell for re-election as chairman of the Federal Reserve last November, but the Senate was divided on the nomination of other Federal Reserve officials, and Powell's re-election vote was delayed. In February this year, the Federal Reserve announced Powell as interim chairman, allowing Powell to continue to perform his duties after the end of his first four-year term. During his term of office, Powell experienced the impact of the COVID-19 on the US economy and financial markets. At the beginning of 2020, the Federal Reserve under his leadership lowered the target range of the federal funds rate to an ultra-low level of zero to 0.25%, implemented quantitative easing policy and injected a lot of liquidity into the market. Powell and White House officials were criticized for their "temporary theory of inflation" last year. Some economists believe that the Fed is too slow to deal with inflation. In order to cope with the most severe inflation situation in the United States in 40 years, since this year, the Federal Reserve has "walked fast" in raising interest rates and shrinking the table. Therefore, many experts have warned that the U.S. economy is facing the risk of recession. Analysts believe that the second challenge of the Fed's term of office is to tighten monetary policy smoothly. In addition to Powell, the Senate previously approved the nomination of Lisa cook, a professor of economics at Michigan State University, and Philip Jefferson, a professor of economics at Davidson College, as a director of the Federal Reserve. In late April, the Senate approved the nomination of Federal Reserve governor brenard as vice chairman of the Federal Reserve. (Xinhua News Agency)