Jerome Powell will serve as the next chair of the Federal Reserve, after the Senate voted Tuesday to confirm Powell’s nomination.

Powell, who has served as a Fed governor for more than five years, was confirmed by a vote of 85-12.

According to Wall Street Journal reporter Nick Timiraos, eight Democrats, three Republicans and one independent voted against Powell.

President Donald Trump officially announced selected Powell as his Fed chair nominee on Nov. 2, 2017. The first talks of Trump's preference for Powell began to emerge in October. Until that point, there were a handful of names being tossed around as options to lead the Fed, including current Chair Janet Yellen.

But Powell was Trump’s choice, and now he will take over at the Fed when Yellen steps down next month.

After Trump announced his preference for Powell, Yellen announced that she planned to step down from the Fed Board of Governors, even though her term was set to last until Jan. 21, 2024.

It is believed that Powell aligns closely with Yellen’s outlook on interest rates, however he appears to be much more open to loosening financial regulations.

Yellen’s term as chair ends on Feb. 3, 2018. She also serves as chair of the Federal Open Market Committee.

Powell will take over in both of those roles next month.

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