Senate confirms new Fed chair

WASHINGTON—The Senate overwhelming approved Jerome Powell on Tuesday as the new chairman of the Federal Reserve. Powell, who will oversee the U.S. central banking system, previously served as a member of the Federal Reserve Board of Governors appointed by President Barack Obama. The upper chamber voted 84-13 to confirm the 64-year-old to a four-year term as chair. “He will play a key role in rightsizing federal regulations and alleviating unnecessary burdens,” said Sen. Mike Crapo, R-Idaho, the chairman of the Senate Banking Committee. In his new position, Powell will have the influence to choose how to enforce regulations from President Donald Trump aimed at loosening up restrictions imposed on banks after the 2008 financial crisis. A small group of lawmakers expressed concerns about whether Powell would be tough enough on big banks to protect consumers from another financial meltdown. “We need a Fed chair who can stand up to Wall Street,” said Sen. Elizabeth Warren, D-Mass. “That person is not Governor Powell.” Conservative Republican Sens. Marco Rubio of Florida, Ted Cruz of Texas, Rand Paul of Kentucky, and Mike Lee of Utah also voted against Powell.