The U.S. Senate votes 85-12 to confirm Jerome Powell as the next chairman of the Federal Reserve.
Four Republican senators—Ted Cruz of Texas, Mike Lee of Utah, Rand Paul of Kentucky and Marco Rubio of Florida—joined Vermont Independent Bernie Sanders and seven Democrats including Massachusetts’ Elizabeth Warren in voting against Powell’s confirmation. Powell will take the helm of the central bank when Janet Yellen’s term ends on Feb. 3.
Powell, a Republican, was first nominated to the Fed’s Board of Governors in 2012 by President Barack Obama, which marked the first time that a President nominated a member of the opposition party for a central bank governorship position since 1988. Before joining the Fed, Powell was a visiting scholar at the Bipartisan Policy Center. He previously worked in the financial services sector, where he was a Managing Partner of the Global Environment Fund and founder of Severn Capital Partners.