Senate panel OKs Powell as Fed chairman

Associated Press

WASHINGTON

The Senate Banking Committee on Tuesday approved President Donald Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve.

The committee vote was 22-1 with all Republicans and every Democrat except Sen. Elizabeth Warren, D-Mass., supporting the nomination.

The strong committee vote indicated Powell will have no trouble winning approval from the full Senate. That vote has not yet been scheduled.

Warren said she could not support Powell because of her concerns that he would join in efforts by the Trump administration to unravel the Dodd-Frank Act passed in 2010 to strengthen regulation of the nation’s banking sector.

Powell has been a member of the Fed’s board of governors since 2012.

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