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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 CruzQuinnipiac poll finds Biden, Trump tied in Texas China could cut our access to critical minerals at any time — here's why we need to act The Hill's Morning Report - Sponsored by Goldman Sachs - Two weeks out, Trump attempts to rally the base MORE (Texas), Rand PaulRandal (Rand) Howard PaulMichigan Republican isolating after positive coronavirus test GOP Rep. Mike Bost tests positive for COVID-19 Top Democrats introduce resolution calling for mask mandate, testing program in Senate MORE (Ky.), Marco RubioMarco Antonio RubioBipartisan group of senators call on Trump to sanction Russia over Navalny poisoning Trump's new interest in water resources — why now? Senate Intel leadership urges American vigilance amid foreign election interference MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeEnd the American military presence in Somalia Ted Cruz won't wear mask to speak to reporters at Capitol Michigan Republican isolating after positive coronavirus test MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth WarrenBiden defends his health plan from Trump attacks Progressives blast Biden plan to form panel on Supreme Court reform Biden endorses Texas Democratic House candidate Julie Oliver MORE (Mass.), Kirsten GillibrandKirsten GillibrandInternal Democratic poll: Desiree Tims gains on Mike Turner in Ohio House race Hillicon Valley: Facebook, Twitter's handling of New York Post article raises election night concerns | FCC to move forward with considering order targeting tech's liability shield | YouTube expands polices to tackle QAnon Democrats question Amazon over reported interference of workers' rights to organize MORE (N.Y.), Kamala HarrisKamala HarrisThe Hill's Campaign Report: Trump, Biden face off for last time on the debate stage Obama says he voted by mail: 'It's not as tough as a lot of folks think' Clean energy opportunities in a time of crisis MORE (Calif.) and Bernie SandersBernie SandersBiden defends his health plan from Trump attacks Progressives blast Biden plan to form panel on Supreme Court reform Sanders: Progressives will work to 'rally the American people' if Biden wins MORE (I-Vt.).

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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.