The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“NOMINATIONS” mentioning the Federal Reserve System was published in the Senate section on pages S477-S478 on Jan. 24, 2018.
The Federal Reserve is the US's central bank, expanding many times during great financial uncertainty and panic. It has faced numerous criticisms since its creation in 1913, such as making the Great Depression worse and for lacking transparency and audits.
The publication is reproduced in full below:
NOMINATIONS
Mr. McCONNELL. Mr. President, yesterday the Senate took another important step in confirming President Trump's qualified nominees. In strong bipartisan fashion, we confirmed Jerome Powell to serve as Chairman of the Federal Reserve by a vote of 84 to 13.
Mr. Powell was a fine choice to lead the Federal Reserve System. His public service and private sector work alike have received accolades from across the political spectrum.
He joined the Board of Governors of the Federal Reserve in 2012. He has demonstrated an expert grasp of monetary policy and a commitment to improving the Fed's transparency and accountability to Congress and to the public. I enjoyed meeting with him during the confirmation process and look forward to his service in this new position.
The position of Fed Chairman is integral to the health of the U.S. economy. Washington must empower the American people to create prosperity through sound policy that gets the government out of the way of workers and job creators. Jay Powell is up to the task. I was proud to vote to confirm him yesterday.
The Senate also voted yesterday to advance the nomination of another highly qualified nominee--Alex Azar, who will serve as Secretary of Health and Human Services.
In his impressive testimony before the Finance Committee, Mr. Azar discussed his intention to confront head-on the opioid crisis that is hurting so many families across our country, including in my home State of Kentucky. He made clear that he will place an important priority on prevention, education, and enforcement to halt the advance of this scourge.
But he recognizes we need effective, compassionate treatment options for those who are seeking recovery, and for all Americans, he will work to expand access to high-quality, affordable healthcare options.
His distinguished record, including prior HHS service as Deputy Secretary and private sector work, shows he is the right man for the job. It is vital that this Department be headed by a leader with Mr. Azar's extensive qualifications and excellent reputation. He will be responsible for overseeing $1.13 trillion in Department spending, supervising critical research, and administering and reforming programs that touch millions of American lives, such as Medicare and Medicaid.
I look forward to voting soon in support of his confirmation.
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