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Senate confirms Jerome Powell as Fed chairman

Senate confirms Jerome Powell as Fed chairman
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The Senate on Tuesday voted to confirm Federal Reserve Governor Jerome Powell as the next chairman of the central bank by an overwhelming bipartisan margin.

The vote on Powell’s confirmation quickly cleared the simple majority of senators necessary to confirm him to replace Fed Chairwoman Janet Yellen on Feb. 3. The final count stood at 84-13, one of the widest margins of confirmation for a Trump nominee. 

Nearly all Republicans and a vast majority of Democrats supported Powell's confirmation. Those opposed included conservative GOP Sens. Ted CruzRafael (Ted) Edward CruzOvernight Health Care: Trump eases rules on insurance outside ObamaCare | HHS office on religious rights gets 300 complaints in a month | GOP chair eyes opioid bill vote by Memorial Day HHS official put on leave amid probe into social media posts Trump, Pence to address CPAC this week MORE (Texas), Rand PaulRandal (Rand) Howard PaulDem wins Kentucky state House seat in district Trump won by 49 points GOP's tax reform bait-and-switch will widen inequality Pentagon budget euphoria could be short-lived MORE (Ky.), Marco RubioMarco Antonio RubioColbert: Students taking action on gun violence 'give me hope' Lawmakers feel pressure on guns Florida lawmaker's aide fired after claiming shooting survivors were 'actors' MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeThe 14 GOP senators who voted against Trump’s immigration framework Prison sentencing bill advances over Sessions objections Grassley ‘incensed’ by Sessions criticism of proposed sentencing reform legislation MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth Ann WarrenTrump's SEC may negate investors' ability to fight securities fraud Schatz's ignorance of our Anglo-American legal heritage illustrates problem with government Dems ponder gender politics of 2020 nominee MORE (Mass.), Kirsten GillibrandKirsten Elizabeth GillibrandAmerican women will decide who wins and loses in 2018 elections Dems ponder gender politics of 2020 nominee Calls mount from Dems to give platform to Trump accusers  MORE (N.Y.), Kamala HarrisKamala Devi HarrisCongress fails miserably: For Asian-Americans, immigration proposals are personal attacks American women will decide who wins and loses in 2018 elections Dems ponder gender politics of 2020 nominee MORE (Calif.) and Bernie SandersBernard (Bernie) SandersDems ponder gender politics of 2020 nominee 2020 Dem contenders travel to key primary states After Florida school shooting, vows for change but no clear path forward MORE (I-Vt.).

The Senate voted earlier Tuesday afternoon to end debate on Powell’s nomination in an 84-12 vote.

Trump nominated Powell to replace Yellen as chair in November. Powell had served on the Fed board since his appointment by former President Obama in 2012. The Senate Banking Committee approved Powell's nomination by a near-unanimous vote in December, with only Warren opposing him.

Powell supported every decision Yellen made regarding monetary policy, wooing Democrats who praised the current chairwoman's steady hand. While many Democrats said they wished Trump renominated Yellen, they were reassured by Powell's almost identical views on regulation and monetary policy.

Republicans pressed Powell on making broader changes to the Dodd-Frank Act, but posed little opposition to his closeness to Yellen on monetary policy.

Powell supports a slew of moderate fixes to the Dodd-Frank Act backed by several regulators across the ideological spectrum. He's advocated for reducing the number of banks forced to comply with the Volcker Rule and lowering the threshold at which a bank is considered big enough to warrant signficant federal oversight. Powell has also supported reducing the frequency of federal stress tests and revealing more about the way the Fed judges the riskiness of big banks.

This article was updated at 7:21 p.m. to reflect the corrected vote total on Powell's confirmation.