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 CruzGrassley agrees to second Kavanaugh hearing after GOP members revolt FEC: Cruz campaign didn't violate rules with fundraising letter labeled ‘summons’ Cruz criticizes O'Rourke on Dallas shooting: Wish he wasn't 'so quick to always blame the police officer' MORE (Texas), Rand PaulRandal (Rand) Howard PaulSome employees' personal data revealed in State Department email breach: report The Hill's 12:30 Report — Trump says Dems inflated Puerto Rico death toll | House cancels Friday votes | Florence starts to hit coast The Hill's Morning Report — Sponsored by Better Medicare Alliance — Facing major hurricane, Trump is tested MORE (Ky.), Marco RubioMarco Antonio RubioNYT says it was unfair on Haley curtain story Rubio defends Haley over curtains story: Example of media pushing bias House lawmakers urge top intel official to probe national security threat of doctored videos MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeOvernight Health Care: Opioid legislation passes overwhelmingly | DOJ backs Cigna-Express Scripts merger | Senate passes ban on pharmacy gag clauses US military intervention in Venezuela would be a major mistake The Hill's 12:30 Report — Obama jumps into midterm fight with speech blasting Trump | Trump wants DOJ to probe anonymous writer | Day four of Kavanaugh hearing MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth Ann WarrenAnother recession could hit US in 2019, says credit union association chief Warren says vote should be delayed, asks what Kavanaugh is hiding Kavanaugh hires attorney amid sexual assault allegations: report MORE (Mass.), Kirsten GillibrandKirsten Elizabeth GillibrandEx-GOP donor urges support for Dems in midterms: 'Democracy is at stake' Overnight Energy: Warren bill would force companies to disclose climate impacts | Green group backs Gillum in Florida gov race | Feds to open refuge near former nuke site Former Virginia Gov. McAuliffe to visit Iowa, fueling 2020 speculation MORE (N.Y.), Kamala HarrisKamala Devi HarrisSenate Dems sue Archives to try to force release of Kavanaugh documents The Hill's Morning Report — Sponsored by United Against Nuclear Iran — Kavanaugh confirmation in sudden turmoil Judd Gregg: The collapse of the Senate MORE (Calif.) and Bernie SandersBernard (Bernie) SandersProtecting democracy requires action from all of us Kavanaugh hires attorney amid sexual assault allegations: report Amazon probes allegations of employees leaking data for bribes: report 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.