Few voters may be thinking of Jerome Powell as they go to the polls in November, but all will be coping with economic conditions strongly influenced by Powell's Federal Reserve Board.
Former Treasury official Sarah Bloom Raskin and economists Lisa Cook and Philip Jefferson are the three nominees Biden announced for the Fed board on Friday.
The Dow Jones slumped over 600 points as financial troubles at property developer China Evergrande Group became the latest in a growing list of concerns for Wall Street.
The Federal Reserve has provided massive support to markets through the pandemic. Now it faces a tricky decision: how to start removing some of that help without triggering a market sell-off.
The 47-50 vote came as Sens. Mitt Romney and Susan Collins sided with Democratic senators to preserve a filibuster of Judy Shelton's confirmation. Two other Republicans missed the vote.
