Powell nomination for Fed chair (again) supported by Senate Banking; Quarles gets nod for 14-year term

For the second time since he was nominated by President Donald Trump to be the next chairman of the Federal Reserve Board, Jerome H. “Jay” Powell has received the support of the Senate Banking Committee to be confirmed to the post – again – on a vote of 22-1.

The committee approved Powell, 64, who was nominated by Trump Nov. 2 to succeed Janet Yellen, by the same tally that it approved Powell the first time (Dec. 5). Then, as today, only Sen. Elizabeth Warren (D-Mass.) voted against recommending that the Senate confirm Powell to the post.

The committee had to take another vote on Powell’s nomination because the Senate ended its first session (in 2017) without taking a vote to confirm him. Under Senate rules, nominees pending at the end of a session have to be resubmitted by the executive branch in the new session unless all senators agree to carry over the nomination. Powell’s nomination is not the only one being carried over; dozens of nominations from the first session that were not acted on by the Senate had to be resubmitted.

While the Banking Committee has again approved Powell’s nomination, the majority leader has not indicated when a confirmation vote by the entire Senate will take place.

Also today, the committee recommended (by a vote of 20-3) to the full Senate that Randal Quarles be confirmed to a full 14-year term on the Federal Reserve Board. Quarles is now serving as vice chairman for supervision at the Fed; his current term ends Jan. 31. Sens. Warren, Jack Reed (D-R.I.) and Catherine Cortez Masto (D-Nevada) voted against recommending confirmation.

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