Senate Confirms Jerome Powell As Next Federal Reserve Chairman

The US Senate has confirmed President Donald Trump’s nominee for the Chairman of the Federal Reserve with overwhelming support.

In the Upper House, where Republicans enjoy slight majority, Jerome H Powell received the votes of 84 lawmakers, while only 13 Senators voted against him.

The multi-millionaire will assume one of the world’s most powerful economics jobs next month, when incumbent Janett Yellen’s four-year term ends.

Powell, 64, is currently serving as a member of the Fed’ s Board of Governors.

Nominated by Trump in November last year, the former financial-firm executive is a Republican who is seen to back low interest rates, and is expected to mostly continue with his predecessor’s policies.

The new Fed chairman will be the first one without an economics degree in nearly three decades.

Speaking on the Senate Floor, Elizabeth Warren expressed concern over Powell taking over as the next head of the US central bank.

“I’m deeply concerned that as soon as Governor Powell unpacks his boxes in the Chairman’s office, he will begin weakening the new rules Congress and the Fed put in place after the 2008 financial crisis”.

On December 5, the Democratic Senator cast the lone dissenting vote when the Senate Banking Committee approved Powell’s nomination to be Fed Chair.

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