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 CruzDemocrats: It's Trump's world, and we're just living in it On The Trail: Bernie Sanders and the paradox of choice Pompeo to speak to influential conservative group in Iowa MORE (Texas), Rand PaulRandal (Rand) Howard PaulSenate braces for fight over impeachment whistleblower testimony Pelosi names first-ever House whistleblower ombudsman director The Hill's Morning Report — AG Barr, GOP senators try to rein Trump in MORE (Ky.), Marco RubioMarco Antonio RubioDemocrats: It's Trump's world, and we're just living in it Cheese, wine importers reeling from Trump trade fight Peace Corps' sudden decision to leave China stirs blowback MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeThe Hill's Morning Report — AG Barr, GOP senators try to rein Trump in Overnight Defense: Senate votes to rein in Trump war powers on Iran | Pentagon shifting .8B to border wall | US, Taliban negotiate seven-day 'reduction in violence' The 8 Republicans who voted to curb Trump's Iran war powers MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth Ann WarrenPoll: Sanders leads 2020 Democratic field with 28 percent, followed by Warren and Biden More than 6 in 10 expect Trump to be reelected: poll Sanders has wide leads in two of three battleground states: survey MORE (Mass.), Kirsten GillibrandKirsten GillibrandNow is the time for a US data protection agency The Hill's Campaign Report: Warren up, Bloomberg down after brutal debate Ginsburg, accepting lifetime achievement award, urges working fathers to take an active role in kids' lives MORE (N.Y.), Kamala HarrisKamala Devi HarrisClyburn: Biden 'suffered' from not doing 'enough' in early debates Sanders is a risk, not a winner House to vote on legislation to make lynching a federal hate crime MORE (Calif.) and Bernie SandersBernie SandersSchiff blasts Trump for making 'false claims' about Russia intel: 'You've betrayed America. Again.' Buttigieg campaign claims 'irregularities' in Nevada caucuses Poll: Sanders leads 2020 Democratic field with 28 percent, followed by Warren and Biden 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.