Senate approves Powell to follow Yellen as Fed chair in Feb. - 1310 NEWS
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Senate approves Powell to follow Yellen as Fed chair in Feb.

Last Updated Jan 23, 2018 at 6:20 pm EDT

FILE - In this Tuesday, Nov. 28, 2017, file photo, Jerome Powell, President Donald Trump's nominee for chairman of the Federal Reserve, testifies during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington. On Wednesday, Jan. 17, 2018, the Senate Banking Committee voted for a second time to approve Powell to be the next chairman of the Federal Reserve. (AP Photo/Carolyn Kaster, File)

WASHINGTON – The Senate has approved President Donald Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month.

Senators voted 85-12 to confirm Powell to lead the nation’s central bank, a post that’s considered the most powerful economic position in government.

Powell will succeed Janet Yellen, the first woman to lead the Fed, when her term ends Feb. 3. Trump decided against offering Yellen a second four-year term as chair despite widespread praise for her performance since succeeding Ben Bernanke.

Powell, 64, has served for 5 1/2 years on the Fed’s board. A lawyer and investment manager by training, he will be the first Fed leader in 40 years without an advanced degree in economics. Many expect him to follow Yellen’s cautious approach to interest rates.

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