The United States Senate voted to confirm Jerome Powell as the next chairman of the Federal Reserve Bank.
The lawmakers voted overwhelmingly in Powell's favour, who will replace Chairwoman of the Federal Reserve Bank Janet Yellen on February 3. The final vote count stood at 85-12.
Mostly all Republican leaders voted in favour of Powell, while only a handful of Republican leaders voted against him, The Hill reported.
Democratic leaders like- Ted Cruz, Kamala Harris and Bernie Sanders to name a few, were those who voted against Powell.
US President Donald Trump nominated Powell in November last year. The Senate Banking Committee approved Powell's nomination by a near-unanimous vote in December last year.
Powell had served on the Federal Board and as the Governor since his appointment by former President Barack Obama in 2012.
He is known to have immense experience in dealing with regulation and the various clauses of the US' monetary policy.