Senate OKs Fed chairman pick 85-12

WASHINGTON — The Senate on Tuesday approved President Donald Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month.

Senators voted 85-12 to confirm Powell to lead the nation’s central bank, a post that is considered the most powerful economic position in government.

Powell will succeed Janet Yellen, the first woman to lead the Fed, when her term ends Feb. 3. Trump decided against offering Yellen a second four-year term as chairman despite widespread praise for her performance since succeeding Ben Bernanke.

Powell, 64, has served for 5½ years on the Fed’s board. A lawyer and investment manager by training, he will be the first Fed leader in 40 years without an advanced degree in economics. Many expect him to follow Yellen’s cautious approach to interest rates.

Powell, viewed as a centrist, enjoyed support from Republicans and Democrats.

The 12 senators who voted against Powell’s nomination included four Republicans, seven Democrats and Sen. Bernie Sanders, an independent. One of the dissenters, Sen. Elizabeth Warren, D-Mass., said she was concerned that Powell “will roll back critical rules that help guard against another financial crisis.”

But Sen. Sherrod Brown, the top Democrat on the Senate Banking Committee, praised Powell’s tenure on the Fed board.

“His track record over the past six years shows he is a thoughtful policymaker,” Brown said.

Powell has signaled that he favors ways to make bank regulations less onerous, especially for smaller community banks.