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's Texas endorsement boosts a scandal-plagued incumbent while imperiling a political dynasty Trio of Senate Republicans urges Supreme Court to overrule Roe v. Wade Overnight Defense: US launches another airstrike in Somalia | Amendment to expand Pentagon recusal period added to NDAA | No. 2 State Dept. official to lead nuclear talks with Russia MORE (Texas), Rand PaulRandal (Rand) Howard PaulSenators reach billion deal on emergency Capitol security bill GOP Rep. Cawthorn says he wants to 'prosecute' Fauci Writer: Fauci, Paul clash shouldn't distract from probe into COVID-19 origins MORE (Ky.), Marco RubioMarco Antonio RubioGOP lawmakers request Cuba meeting with Biden Bipartisan congressional commission urges IOC to postpone, relocate Beijing Games Hillicon Valley: Democrats introduce bill to hold platforms accountable for misinformation during health crises | Website outages hit Olympics, Amazon and major banks MORE (Fla.) and Mike LeeMichael (Mike) Shumway LeeSenate confirms Biden's Air Force secretary Trio of Senate Republicans urges Supreme Court to overrule Roe v. Wade Biden signals tough stance on tech with antitrust picks MORE (Utah), and potential 2020 Democratic presidential candidates Sens. Elizabeth WarrenElizabeth WarrenOn The Money: Schumer, Warren call on Biden to extend student loan pause | IMF estimates 6 percent global growth this year Schumer, Warren call on Biden to extend student loan pause and wipe out K per borrower Senate confirms Biden's Air Force secretary MORE (Mass.), Kirsten GillibrandKirsten GillibrandHouse panel looks to help military sexual assault survivors To make energy green, remove red tape Equilibrium/ Sustainability — Presented by NextEra Energy — Clean power repurposes dirty power MORE (N.Y.), Kamala HarrisKamala HarrisWant to improve vaccine rates? Ask for this endorsement Biden celebrates anniversary of Americans with Disabilities Act Will Pence primary Trump — and win? MORE (Calif.) and Bernie SandersBernie SandersWomen's March endorses Nina Turner in first-ever electoral endorsement GOP sees debt ceiling as its leverage against Biden Democrats brace for slog on Biden's spending plan 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.