Washington (People’s Daily) - US Senate Banking Committee approved Jerome Powell’s nomination as the new chair of the Federal Reserve on December 5, 2017.
Powell received a near-unanimous bipartisan approval vote of 22-1.
Powell was appointed to the Fed’s board of governors by former US President Barack Obama in 2012.
Senator Elizabeth Warren (D-Mass.) was the only holdout and explained, “I’m very concerned that the Fed will systematically rollback post-crisis rules under Gov. Powell’s leadership.”
Powell replaces Janet Yellen who recently announced she was stepping down from the 14-year role.
Full Senate approval is required for final confirmation and is expected in a few weeks.