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 CruzSenators push to clear backlog in testing rape kits Russia raises problems for GOP candidates Deal to fix family separations hits snag in the Senate MORE (Texas), Rand PaulRandal (Rand) Howard PaulGOP leader blocks resolution backing intelligence community on Russia Rand Paul blocks Sanders's Russia resolution, calls it 'crazy hatred' against Trump McCain: Trump plays into 'Putin's hands' by attacking Montenegro, questioning NATO obligations MORE (Ky.), Marco RubioMarco Antonio RubioSenate GOP attempts to wave Trump off second Putin summit GOP senator: We should accept Trump's 'apology' for Russian election interference comments Controversial Trump judicial nominee withdraws MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeWisconsin GOP Senate candidate rips his own parents for donations to Dems GOP moderates hint at smooth confirmation ahead for Kavanaugh GOP senators introduce resolution endorsing ICE MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth Ann WarrenOn The Money: Trump rips Fed over rate hikes | Dems fume as consumer agency pick refuses to discuss border policy | Senate panel clears Trump IRS nominee Dems fume as Trump's consumer bureau pick refuses to discuss role in border policy Trump vows to hold second meeting with Putin MORE (Mass.), Kirsten GillibrandKirsten Elizabeth GillibrandTrump: ‘Dems have a death wish’ Election Countdown: Senate, House Dems build cash advantage | 2020 Dems slam Trump over Putin presser | Trump has M in war chest | Republican blasts parents for donating to rival | Ocasio-Cortez, Sanders to campaign in Kansas Senate Democrats block resolution supporting ICE MORE (N.Y.), Kamala HarrisKamala Devi HarrisTrump: ‘Dems have a death wish’ Election Countdown: Senate, House Dems build cash advantage | 2020 Dems slam Trump over Putin presser | Trump has M in war chest | Republican blasts parents for donating to rival | Ocasio-Cortez, Sanders to campaign in Kansas Senate Democrats block resolution supporting ICE MORE (Calif.) and Bernie SandersBernard (Bernie) SandersSenate to vote Monday on Trump's VA nominee Senate approves resolution warning Trump not to hand over US officials GOP leader blocks resolution backing intelligence community on Russia 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.