(Bloomberg) -- Jerome Powell, President Donald Trump’s choice to become Federal Reserve chairman, will have significant advantages once the Senate confirmation process gets started, even though he wasn’t the preferred choice of some Republicans.
Powell, a Republican, is already a member of the Fed Board of Governors, nominated by Democratic President Barack Obama, and is likely to get support from both parties.
He was confirmed in 2012 by the Senate 74-21 to fill an unexpired term. In 2014, he was confirmed 67-24 for a full 14-year term. In both instances, all but one of the opponents were Republican.
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