Powell, Brainard hearings may shine light on inflation risks, broader Fed debates

WASHINGTON: A U.S. Senate committee holds hearings this week for Federal Reserve Chair Jerome Powell (pic) and vice chair nominee Lael Brainard that could provide new details about the U.S. central bank's plans to tighten monetary policy, but also kick off a broader debate in coming weeks about its role in addressing issues as disparate as climate change and racial inequality.

Powell appears before the Senate Banking Committee on Tuesday for consideration to a second four-year term as head of the Fed; Brainard, currently a Fed governor, will be questioned by the same panel on Thursday for promotion to a four-year term as Fed vice chair. The positions require majority approval by the full Senate, which is narrowly controlled by President Joe Biden's Democrats, with the committee hearings a first step.