By a vote of 85 to 12, the Senate on Tuesday voted to confirm Federal Reserve Governor Jerome Powell as chairman of the Fed. Powell first joined the board in 2012 and has played a major role in bank supervision and payments system activities during his tenure. 

“We congratulate Jerome Powell on his confirmation to serve as chairman of the Federal Reserve Board,” said ABA President and CEO Rob Nichols. “His high integrity, intelligence and wealth of experience in both monetary policy and regulatory issues will serve him well in this critically important role.” Nichols added that “Chairman Powell has demonstrated his interest in reviewing and refining regulations to ensure they work to reinforce economic growth while preserving the important principles of prudential supervision.” 

Nichols also saluted outgoing Fed Chairman Janet Yellen for her leadership of the board over the past four years, noting that “her actions helped strengthen both our economy and the financial system.”