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.
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.
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 significant federal oversight.
Read more in The Hill.