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Jerome Powell confirmed as Federal Reserve Chair

The Senate on Tuesday confirmed Jerome Powell as the next chairman of the Federal Reserve, with a vote of 85-12.

Powell, 64, will lead the country’s central bank and have major influence over the economy. He is succeeding Janet Yellen, whose term ends on Feb. 3. Powell, a lawyer and investment manager, has spent nearly six years on the Fed’s board, and is viewed as a centrist, The Associated Press reports. He’s been praised by Republicans and Democrats, with Sen. Sherrod Brown (D-Ohio) calling him a “thoughtful policymaker.”