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Washington

Jerome Powell confirmed as Federal Reserve chairman

Jerome Powell

Jerome H. Powell was confirmed Tuesday by the Senate as the next chairman of the Federal Reserve.

He will succeed Janet Yellen when her term ends Feb. 3.

The Senate voted 84-13 to confirm him.

Mr. Powell has served on the Federal Reserve board of governors since 2012, representing the New York region and later the Philadelphia region. The former Carlyle Group partner also served as Treasury undersecretary for finance under President George H.W. Bush.

Sen. Elizabeth Warren, D-Mass., one of eight Democrats, four Republicans and one independent who opposed his nomination, said on a floor speech before the vote that she is concerned Mr. Powell "will roll back critical rules that help guard against another financial crisis."

Bipartisan Policy Center President Jason Grumet called Mr. Powell "the right person at the right time to guide our nation's monetary policy," noting his "unique talent for encouraging diverse viewpoints and finding realistic common ground to build a pragmatic consensus."