FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT: “The Senate confirmed Jerome Powell to become the 16th chairman of the Federal Reserve, clearing the way for a new leader likely to continue raising interest rates to keep the nation’s economic expansion on track.
Mr. Powell, who was confirmed Tuesday [1-23-18] by an 84-13 vote, will take over when Chairwoman Janet Yellen’s four-year term as chief ends Feb. 3. She has said she would leave the Fed board of governors once her successor is sworn in.
Although Mr. Powell’s nomination attracted broad bipartisan support, it also drew opposition from several potential contenders in the 2020 presidential race. On the Democratic side, those voting against his confirmation included Sens. Elizabeth Warren of Massachusetts, Kamala Harris of California and Cory Booker of New Jersey. On the Republican side, Sens. Ted Cruz of Texas, Rand Paul of Kentucky, Mike Lee of Utah and Marco Rubio of Florida voted no. Independent Sen. Bernie Sanders of Vermont also opposed the nomination. California Democrat Sen. Dianne Feinstein initially voted in favor of the nomination but changed her vote after Mr. Powell had been confirmed.
Mr. Powell, a Fed governor since 2012, will inherit an economy on the upswing fueled by a booming labor market and strong global growth. His task will be to sustain the economy’s expansion without letting it pick up so much momentum that the Fed would be forced to cool it off with sharp rate increases, risking a downturn.”
-David Harrison, “Senate Confirms Jerome Powell as Federal Reserve Chairman,” The Wall Street Journal online, Jan. 23, 2018 07:41pm