Correction to Power Senate Confirmation Story

By Kate Davidson Features Dow Jones Newswires

The Senate Banking Committee will meet Nov. 28 to consider the nomination of Federal Reserve Governor Jerome Powell to be the next central bank chairman, the panel announced Wednesday.

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President Donald Trump announced last week he intends to nominate Mr. Powell to take the helm of the Fed in early February, when Chairwoman Janet Yellen's term expires.

Mr. Powell has been through the Senate confirmation process before, most recently in 2012 and 2014 when he was nominated to join the Fed board. His nomination is expected to receive bipartisan support, though some GOP lawmakers have indicated they have concerns about his support for Fed policies under Ms. Yellen. Twenty-three Republicans and one Independent voted against his nomination in 2014.

Mr. Powell began meeting this week with lawmakers on Capitol Hill in advance of his hearing.

Sen. Mike Crapo (R., Idaho), the chairman of the Senate Banking Committee, said he had a "positive" meeting with Mr. Powell Wednesday.

"We discussed his views on monetary policy, tailoring federal financial regulation and other priorities for the Federal Reserve," Mr. Crapo said in a statement Wednesday night. "He is well-equipped to lead our economy and the country in a positive direction, and I look forward to hearing more from him during his nomination hearing."

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Senate Majority Leader Mitch McConnell (R., Ky.), who met with Mr. Powell Tuesday, said in a statement he looked forward to supporting Mr. Powell's nomination as Fed chairman.

Write to Kate Davidson at kate.davidson@wsj.com

Corrections & Amplifications

Story corrected at 9:29 p.m. Original incorrectly said 24 Republicans voted against Mr. Powell's nomination.

Twenty-three Republicans and one Independent voted against Mr. Powell's nomination in 2014. "Power Senate Confirmation Hearing Set for Nov. 28, Panel Says" at 8:56 p.m. EST incorrectly said 24 Republicans voted against his nomination.

(END) Dow Jones Newswires

November 08, 2017 21:39 ET (02:39 GMT)