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 CruzTrump has officially appointed one in four circuit court judges On The Money: Retirement savings bill blocked in Senate after fight over amendments | Stopgap bill may set up December spending fight | Hardwood industry pleads for relief from Trump trade war Retirement bill blocked in Senate amid fight over amendments MORE (Texas), Rand PaulRandal (Rand) Howard PaulSunday shows — New impeachment phase dominates Rand Paul says Trump has 'every right' to withhold Ukraine aid over corruption Paul dismisses Bevin loss, touts 'red wave' in other Kentucky races MORE (Ky.), Marco RubioMarco Antonio RubioGOP senators plan to tune out impeachment week Republicans warn election results are 'wake-up call' for Trump Paul's demand to out whistleblower rankles GOP colleagues MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeOn The Money: Retirement savings bill blocked in Senate after fight over amendments | Stopgap bill may set up December spending fight | Hardwood industry pleads for relief from Trump trade war Retirement bill blocked in Senate amid fight over amendments Senators press NSA official over shuttered phone surveillance program MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth Ann WarrenJuan Williams: Honesty, homophobia and Mayor Pete Trump DACA fight hits Supreme Court Democrats on edge as Iowa points to chaotic race MORE (Mass.), Kirsten GillibrandKirsten GillibrandSenate panel clears controversial Trump court pick Advocates step up efforts for horse racing reform bill after more deaths Harris proposes keeping schools open for 10 hours a day MORE (N.Y.), Kamala HarrisKamala Devi HarrisJuan Williams: Honesty, homophobia and Mayor Pete Democrats debate how to defeat Trump: fight or heal Women who inspired 'Hidden Figures' film will be honored with congressional gold medals MORE (Calif.) and Bernie SandersBernie SandersJuan Williams: Honesty, homophobia and Mayor Pete Democrats on edge as Iowa points to chaotic race Democrats debate how to defeat Trump: fight or heal 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.