Senate Banking approves Powell nomination for Fed chair, 22-1

Jerome H. “Jay” Powell’s nomination to be chairman of the Federal Reserve Board was recommended for confirmation by roll-call vote of the Senate Banking Committee Tuesday, with only Sen. Elizabeth Warren (D-Mass.) casting a “no” vote, for a tally of 22-1.

The nomination now goes to the full Senate for consideration of confirmation.

Warren said she could not support Powell’s nomination because of his position on financial regulation.

President Donald Trump nominated Powell, 64, to be chairman Nov. 2. He is now a member of the Fed board; his term expires in 2028.

Current chair Janet Yellen, 71, resigned her position in a letter to Trump Nov. 20, stating it would be effective upon the swearing in of her successor as chair of the board. Yellen’s term as chairman runs to Feb. 3, 2018. Her current term on the board expires at the end of January 2024.