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 CruzO’Rourke not ruling out being vice presidential candidate CNN ripped for hiring former Republican operative as political editor: 'WTF?!?!' The Hill's Morning Report - Can Bernie recapture 2016 magic? MORE (Texas), Rand PaulRandal (Rand) Howard PaulThe Hill's 12:30 Report: Trump escalates fight with NY Times The 10 GOP senators who may break with Trump on emergency On unilateral executive action, Mitch McConnell was right — in 2014 MORE (Ky.), Marco RubioMarco Antonio RubioThe Hill's 12:30 Report: Trump escalates fight with NY Times The Hill's Morning Report - Can Bernie recapture 2016 magic? Venezuela puts spotlight on Rubio MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeThe Hill's 12:30 Report: Trump escalates fight with NY Times The 10 GOP senators who may break with Trump on emergency Congress closer to forcing Trump’s hand on Saudi support MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth Ann WarrenCoast Guard lieutenant arrested, accused of planning domestic terrorism Hillicon Valley: Microsoft reveals new Russian hack attempts | Google failed to disclose hidden microphone | Booker makes late HQ2 bid | Conservative group targets Ocasio-Cortez over Amazon Trump campaign fundraising on Bernie Sanders's M haul MORE (Mass.), Kirsten GillibrandKirsten Elizabeth GillibrandCongress needs to bring family and medical leave policies into the 21st century Trump campaign fundraising on Bernie Sanders's M haul Gillibrand tells Iowan ‘ranch girl’ that pizza is on her next time MORE (N.Y.), Kamala HarrisKamala Devi HarrisKamala Harris criticized by Jamaican father over marijuana joke Harris adds key Clinton aide, women of color to 2020 campaign: report Coast Guard lieutenant arrested, accused of planning domestic terrorism MORE (Calif.) and Bernie SandersBernard (Bernie) SandersBernie Sanders to sign pledge affirming he will run as a Democrat Overnight Health Care — Presented by National Taxpayers Union — Drug pricing fight centers on insulin | Florida governor working with Trump to import cheaper drugs | Dems blast proposed ObamaCare changes Hillicon Valley: Microsoft reveals new Russian hack attempts | Google failed to disclose hidden microphone | Booker makes late HQ2 bid | Conservative group targets Ocasio-Cortez over Amazon 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.