Fed Chair Powell to Testify at Senate June 22, Barr Vote Set for June 8

Jerome Powell departs after taking the oath of office for his second term as Chair of the Board of Governors of the Federal Reserve System at the Federal Reserve Building in Washington on May 23, 2022. (Olivier Douliery/AFP via Getty Images)

Federal Reserve Chair Jerome Powell will give his twice-yearly report on monetary policy to the U.S. Senate on June 22, just a week after the central bank is expected to deliver another half-point interest rate hike as it seeks to bring inflation under control.

The Senate Banking Committee also said it would hold a vote for President Joe Biden’s pick for Fed vice chair of supervision, Michael Barr, for June 8 at 2:30 pm ET, a necessary step before a full Senate vote on Barr’s confirmation.