WASHINGTON — Jerome H. Powell sailed to Senate confirmation on Tuesday to become the 16th chairman of the Federal Reserve with a final vote of 84 to 13. He will replace the outgoing Fed chairwoman, Janet L. Yellen, on Feb. 3.

Mr. 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 tranquillity, 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.

Mr. Powell will also take 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. Mr. Powell has said he supports keeping many of those regulations in place but thinks some could be loosened or improved.</s>Senate approves Trump nominee Jerome Powell as next chairman of Federal Reserve.</s>From the Archives: President Donald Trump formally nominated Jerome Powell as the next Federal Reserve chairman, meaning no second term for current Chairwoman Janet Yellen. WSJ's Jon Hilsenrath explains why Mr. Trump decided to choose a new leader for the central bank. Photo: Getty (Originally published Nov. 2, 2017)

The Senate confirmed Jerome Powell to become the 16th chairman of the Federal Reserve, clearing the way for a new leader likely to continue raising interest rates to keep the nation’s economic expansion on track.

Mr. Powell, who was confirmed Tuesday by an 84-13 vote, will take over when Chairwoman Janet Yellen’s four-year term as chief ends Feb. 3. She has said she would leave the Fed board of governors once her successor is sworn in.</s>The US Senate on Tuesday easily confirmed Jerome Powell as the next chairman of the Federal Reserve to replace Janet Yellen in the post in February.

In an 85-12 vote, the confirmation of Powell - a member of the US central bank's Board of Governors since 2012 - was virtually a mere formality, although after the vote count Democratic Sen. Diane Feinstein changed her vote saying that she had initially misvoted, leaving the final tally at 84 in favor and 13 against.</s>The United States Senate today confirmed Jerome H Powell as the next chairman of the Federal Reserve, a powerful post having an influence on global economy.

Powell (64) will replace Janett Yellen, whose term ends in February.

He was confirmed by the US Senate by an overwhelming vote of 84-12.

Currently a Fed governor and former financial-firm executive, Powell is expected to mostly continue with Yellen's policies.

The Wall Street Journal said Powell inherits an economy on the upswing fuelled by a booming labour market and strong global growth.

"His task will be to sustain the economy's expansion without letting it pick up so much momentum that the Fed would be forced to cool it off with sharp rate increases, risking a downturn," it reported.

According to The Washington Post, Powell will oversee an economy in which unemployment is at 4.1 per cent, job growth steady but unspectacular and inflation at or below the Fed's targets.

"The economy, however, faces persistent and growing inequality, and workers have seen only limited wage gains during the long, slow recovery from the Great Recession," it said.

Several lawmakers, however, expressed concern over Powell taking over as the next Fed chairman.

"I'm deeply concerned that as soon as Governor Powell unpacks his boxes in the Chairman's office, he will begin weakening the new rules Congress and the Fed put in place after the 2008 financial crisis," Democratic Senator Elizabeth Warren said on the Senate Floor.

"We need someone who believes in tougher rules for banks — not weaker ones. That person is not Governor Powell," she said.</s>Jerome Powell is expected to largely continue his predecessor's policies. (Reuters)</s>WASHINGTON (dpa-AFX) - The US Senate has confirmed President Donald Trump's nominee for the Chairman of the Federal Reserve with overwhelming support.



In the Upper House, where Republicans enjoy slight majority, Jerome H Powell received the votes of 84 lawmakers, while only 13 Senators voted against him.



The multi-millionaire will assume one of the world's most powerful economics jobs next month, when incumbent Janett Yellen's four-year term ends.



Powell, 64, is currently serving as a member of the Fed' s Board of Governors.



Nominated by Trump in November last year, the former financial-firm executive is a Republican who is seen to back low interest rates, and is expected to mostly continue with his predecessor's policies.



The new Fed chairman will be the first one without an economics degree in nearly three decades.



Speaking on the Senate Floor, Elizabeth Warren expressed concern over Powell taking over as the next head of the US central bank.



'I'm deeply concerned that as soon as Governor Powell unpacks his boxes in the Chairman's office, he will begin weakening the new rules Congress and the Fed put in place after the 2008 financial crisis'.



On December 5, the Democratic Senator cast the lone dissenting vote when the Senate Banking Committee approved Powell's nomination to be Fed Chair.



Copyright RTT News/dpa-AFX</s>Washington, Jan 23 (EFE).- The US Senate on Tuesday easily confirmed Jerome Powell as the next chairman of the Federal Reserve to replace Janet Yellen in the post in February.



In an 85-12 vote, the confirmation of Powell – a member of the US central bank’s Board of Governors since 2012 – was virtually a mere formality, although after the vote count Democratic Sen. Diane Feinstein changed her vote saying that she had initially misvoted, leaving the final tally at 84 in favor and 13 against.



Trump had nominated the 64-year-old Powell – who will be the first Fed chairman without an advanced degree in economics – last November, after deciding not to ask Yellen to serve a second four-year term as chairman even though she has garnered widespread praise for her work at the head of the US central bank.



The president had said that there are few posts more important than Fed chairman and he highly praised Yellen for her four years of work after succeeding Ben Bernanke in the post.



The next meeting of the Fed, on Jan. 30-31, will be the last at which Yellen will preside.



With Powell’s nomination, Trump confirmed analysts suspicions, who see the incoming Fed chief as a figure representing continuity with Yellen’s economic policy of gradual monetary adjustment and the withdrawal of the billions in economic stimulus implemented after the 2008-2010 financial crisis.



During his 5 1/2 years on the Fed board, Powell has always voted with the majority of the governors.



The Federal Reserve raised interest rates three times in 2017 to the 1.25-1.5 percent range, and it is expected that it will approve three additional hikes in 2018 in accord with increases in inflation.</s>WASHINGTON — The Senate has 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’s 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 chair despite widespread praise for her performance since succeeding Ben Bernanke.

Powell, 64, has served for 51/2 years on the Fed’s board. He will be the first Fed leader in 40 years without an advanced degree in economics.</s>Senators delivered a show of confidence in Jerome Powell, President Trump’s pick for chairman of the Federal Reserve System, voting overwhelmingly Tuesday to confirm him to the position.

Mr. Powell, who’s been part of the Fed’s board of governors, will replace Janet Yellen, whom Mr. Trump declined to nominate for a second term.

As chairman, Mr. Powell will be the most important voice in deciding how the Federal Reserve moves forward with the economy appearing to be humming yet again, even as banks chafe against restrictions imposed in the wake of the 2008 Wall Street collapse.

Tuesday’s 85-12 vote saw just four Republicans and eight members of the Democratic Caucus vote against Mr. Powell, who had enjoyed bipartisan support before.

“He has served as a steady voice and thoughtful leader,” Majority Leader Mitch McConnell said in urging his confirmation.

The U.S. Chamber of Commerce called Mr. Powell the “right man at the right time.”

The Federal Reserve is an independent government agency charged with keeping inflation in check and supporting job growth. It took on an outsized role in the Wall Street collapse, sparking criticism from some quarters that it had overstepped.

More recently the Fed has raised some key interest rates, hoping to keep the economy growing without overheating.

Mr. Trump had criticized Ms. Yellen’s performance during the presidential campaign, but in office he changed his tone, even calling her tenure “excellent.”

But he did not give her a second term, making her the first chair in decades to be ousted after one four-year period. Her predecessor, Ben Bernanke, served for two terms, and before that Alan Greenspan served for nearly two decades.

After confirming Mr. Powell, the Senate voted to head off a Democratic filibuster on Alex Azar, Mr. Trump’s nominee to be the new secretary at Health and Human Services.

The 54-43 vote likely sets up a final confirmation vote for Wednesday.

Mr. Azar, a former pharmaceutical executive, has become a flash point for Democrats’ complaints over the Trump administration’s handling of Obamacare.

Also this week, the Senate is expected to confirm Kansas Gov. Sam Brownback, a former senator himself, to be ambassador at large for international religious freedom.
The United States Senate confirms Jerome Powell as chairman of the Federal Reserve Bank with 84 votes for and 13 against.