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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 CruzBiden tries to erase Trump's 'America First' on world stage Cotton, Pentagon chief tangle over diversity training in military GOP senators press Justice Department to compare protest arrests to Capitol riot MORE (Texas), Rand PaulRandal (Rand) Howard PaulFauci to Chelsea Clinton: The 'phenomenal amount of hostility' I face is 'astounding' GOP's attacks on Fauci at center of pandemic message Fox host claims Fauci lied to Congress, calls for prosecution MORE (Ky.), Marco RubioMarco Antonio RubioBipartisan lawmakers want Biden to take tougher action on Nicaragua Demings raises million after announcing Senate bid against Rubio Bipartisan senators introduce bill to protect small businesses from cyberattacks MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeGOP senators press Justice Department to compare protest arrests to Capitol riot Matt Stoller says cheerleading industry shows why antitrust laws are 'insufficient' Senate chaos: Johnson delays exit as votes pushed to Friday MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth WarrenMark Cuban: ProPublica 'not being honest' about taxes on wealthy On The Money: Bipartisan Senate group rules out tax hikes on infrastructure | New report reignites push for wealth tax New report reignites push for wealth tax MORE (Mass.), Kirsten GillibrandKirsten GillibrandOvernight Defense: Austin and Milley talk budget, Afghanistan, sexual assault and more at wide-ranging Senate hearing Top general: Military justice overhaul proposed by Gillibrand 'requires some detailed study' Cher apologizes for confusing Sinema, Gillibrand MORE (N.Y.), Kamala HarrisKamala HarrisMeghan McCain: Harris 'sounded like a moron' discussing immigration I visited the border and the vice president should too Texas governor announces plan to build southern border wall MORE (Calif.) and Bernie SandersBernie SandersOvernight Energy: Biden seeks to reassert US climate leadership | President to 'repeal or replace' Trump decision removing protections for Tongass | Administration proposes its first offshore wind lease sale On The Money: Democrats wary of emerging bipartisan infrastructure deal, warn of time crunch Out-of-touch Democrats running scared of progressives 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.