Jerome Powell was approved Tuesday by the Senate Banking, Housing and Urban Affairs Committee to become the next chairman of the Federal Reserve board of governors. That clears the way for a final Senate confirmation vote, which is expected shortly.
All members of the committee except Sen. Elizabeth Warren, D-Mass., voted to confirm him. Ms. Warren questioned Mr. Powell on banking regulations and oversight.
If confirmed as expected, Mr. Powell will succeed Janet Yellen when her four-year term ends in February.
Mr. Powell joined the Federal Reserve board of governors in 2012, representing the New York region. He was reappointed in 2014 by President Barack Obama 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.