Fed Chair-Nominee Powell Sails Through Senate Panel Vote 22-1

(Bloomberg) -- Federal Reserve Governor Jerome Powell, facing a Senate committee vote on his nomination to become the central bank’s chairman, won strong bipartisan support that suggests he’ll sail through the full Senate.

The Senate Banking Committee voted 22-1 on Tuesday in favor of Powell’s nomination. The lone no vote was from Senator Elizabeth Warren, a Democrat from Massachusetts, who voiced concern before the tally was taken that he’d weaken financial regulations.

President Donald Trump last month selected Powell to run the U.S. central bank and succeed Janet Yellen, whose term expires in February. Trump’s predecessor, Barack Obama, appointed Powell to the Fed board in 2012 and re-nominated him in 2014 for a 14-year term.

Twenty-three Republicans -- including current Senate Banking Committee Chairman Michael Crapo -- voted against Powell in 2014 in the full Senate vote, but came up short against Democrats’ then-majority. The chamber hasn’t set a date for a vote on Powell’s nomination, the final hurdle in the process.

“His judgment and expertise will be a continued asset to the board,” Crapo said Tuesday.

To contact the reporter on this story: Randall Woods in Washington at rwoods13@bloomberg.net.

To contact the editors responsible for this story: Brendan Murray at brmurray@bloomberg.net, Sarah McGregor

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