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Washington

Senate Banking approves Jerome Powell as Fed chairman again

Jerome Powell

Jerome Powell was confirmed to be the next chairman of the Federal Reserve on Wednesday by the Senate Banking Committee, repeating a vote held in December.

Current Fed Chairwoman Janet Yellen's term ends Feb. 3. A second vote was required when Mr. Powell's nomination expired at the end of 2017, and had to be resubmitted.

Mr. Powell was approved by voice vote, with Sen. Elizabeth Warren, D-Mass., the only opponent. A final Senate vote has not been scheduled but is expected shortly.

The committee also approved Federal Reserve board member Randal Quarles for a full 14-year term. That was also a voice vote, with three Democratic senators voting no — Jack Reed of Rhode Island, Catherine Cortez Masto of Nevada, and Ms. Warren.

Mr. Powell joined the Federal Reserve board of governors in 2012, representing the New York region. President Barack Obama reappointed him in 2014 to represent the Philadelphia region. He was a partner at Carlyle Group from 1997 to 2005, where he founded and led the buyout firm's industrial group. He also served as Treasury undersecretary for finance under President George H.W. Bush.

Mr. Quarles, a managing partner of private investment firm Cynosure Group, is a former Carlyle Group partner who has held several economic posts under previous Republican administrations, including undersecretary for domestic finance and deputy assistant secretary for financial institutions policy at the Treasury Department. He was nominated to fill the vacancy left by Daniel Tarullo, who left in April. In addition to serving as a Federal Reserve governor until 2032, Mr. Quarles would be the first person to serve as vice chairman for supervision of the Federal Reserve System, a position created by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.