Senate confirms President Trump’s pick for Federal Reserve chair

Senate confirms President Trump’s pick for Federal Reserve chair

Jerome H. Powell will succeed Janet Yellen as Federal Reserve chair next month (

WASHINGTON- The Senate on Tuesday evening confirmed President Donald Trump’s pick for Federal Reserve chair, Jerome Powell.

The upper chamber approved the nomination in a 84-13 vote.

The confirmation vote was by preceded a cloture vote to break a filibuster over the nomination.

Powell has a been a member of the Federal Reserve Board of Governors since May 2012. He served as Under Secretary of the Treasury for Domestic Finance in the administration of President George H.W. Bush.

Powell’s private sector experience includes eight years as a partner at the Carlyle Group, an elite private equity firm.

Powell is a proponent of financial deregulation but has suggested he supports many of the provisions codified in the Dodd-Frank Wall Street Consumer Protection Act of 2010.

The law was implemented in response to the 2008 global financial crisis.

Powell will succeed Federal Reserve chair Janet Yellen next month when her term expires.

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