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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 Cruz32 male senators back Senate women's calls to change harassment rules Senate confirms Trump’s pick to lead NASA DOJ denies reports judicial nominee once called illegal immigrants 'maggots' MORE (Texas), Rand PaulRandal (Rand) Howard PaulHeitkamp becomes first Dem to back Pompeo for secretary of State Senate committee sets Monday vote even as Pompeo appears to lack support Trump checkmates Democrats in sending Pompeo to North Korea MORE (Ky.), Marco RubioMarco Antonio RubioSenate confirms Trump’s pick to lead NASA The Hill's 12:30 Report Steps Congress can take to defend America against foreign influence operations MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeSenate confirms Trump’s pick to lead NASA Key senators warn Trump of North Korea effort on Syria Rep. Jordan: Action in Syria ‘should be debated in Congress’ MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth Ann Warren'Fearless Girl' statue to be moved away from Wall Street bull Sanders, Warren, O’Rourke inspire patriotic small donor waves Overnight Health Care: GOP pushes stiff work requirements for food stamps | Johnny Isakson opens up about family's tragic loss to opioids | Republicans refuse to back vulnerable Dem's opioids bill | Dems offer new public option plan MORE (Mass.), Kirsten GillibrandKirsten Elizabeth GillibrandNavy, Marines chiefs say no morale issues with transgender troops Dem senators call on FCC to protect against robocalls Dems see Mueller firing as a red line on impeachment MORE (N.Y.), Kamala HarrisKamala Devi HarrisDem senators unveil expanded public option for health insurance Dems see Mueller firing as a red line on impeachment Clinton to fundraise alongside possible 2020 contenders MORE (Calif.) and Bernie SandersBernard (Bernie) SandersSanders, Warren, O’Rourke inspire patriotic small donor waves Bill Press reflects on Clinton, Sanders and a life in politics Overnight Health Care: GOP pushes stiff work requirements for food stamps | Johnny Isakson opens up about family's tragic loss to opioids | Republicans refuse to back vulnerable Dem's opioids bill | Dems offer new public option plan 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.