Senate votes Powell as next Fed chair

US Senate has approved Jerome Powell as the next chair of the Federal Reserve. Powell is to succeed Janet Yellen, whose term ends on February 3rd. The confirmation was made by majority vote on Tuesday.

Powell was an undersecretary of the Treasury Department in the former Republican Bush administration, and later moved to the private sector.

He became a Federal Reserve governor in 2012. President Donald Trump nominated him for the next Fed post last November.

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