Senate confirms Powell as chairman of Federal Reserve Board

WASHINGTON — Jerome Powell sailed to Senate confirmation on Tuesday to become the 16th chairman of the Federal Reserve with a final vote of 85-12. He will replace the outgoing Fed chairwoman, Janet Yellen, on Feb. 3.

Powell is a moderate Republican who has served on the Fed’s board since 2012 and voted in favor of every policy decision during that period. He emphasized during his confirmation hearing that he was not planning to push for sharp changes in monetary or regulatory policy.

He will take the helm of the central bank during a period of relative economic tranquility in the ninth year of one of the longest uninterrupted expansions in American history. He has said he plans to continue the Fed’s gradual retreat from its postcrisis stimulus campaign and is expected to continue its slow but steady pace in raising interest rates.

Powell takes the helm as the Trump administration considers rolling back many of the rules imposed on the financial industry in the wake of the 2008 crisis.

Powell has said he supports keeping many of those regulations in place but thinks some could be loosened or improved.

Powell, 64, will become the first Fed chairman since the late 1970s who does not hold a degree in economics, but he is deeply versed in finance and public policy. He spent years as an investment banker and also worked in the Treasury Department under President George H.W. Bush.