STORY HIGHLIGHTS


Senate panel approves Fed nomination

CNC
Added On December 7, 2017

The U.S. Senate Committee on Banking has approved the nomination of Jerome Powell as the next chairman of the Federal Reserve.
 
His nomination will now be sent to the full Senate for a vote.
   
On Tuesday, the committee approved Powell's nomination by a vote of 22-1.
   
The only holdout was Senator Elizabeth Warren, who expressed her concern that Powell might loosen financial regulations once he takes the job as Fed chair. 
   
Powell, who is currently a member of the Fed's Board of Governors, was nominated by President Donald Trump in November to replace current Chair Janet Yellen, whose term as chair expires in February 2018.
   
At his confirmation hearing, Powell said that he would support the central bank to gradually tighten monetary policy, while ease regulatory burdens on some financial institutions.
 
Powell's nomination now goes to a vote at the full Senate, where he is expected to pass quite comfortably.