Jerome Powell, a Republican, and Trump's choice to chair the Fed may have an edge in passing Senate confirmation, even though he wasn’t the preferred choice of some Republicans. (Photo: Bloomberg)

(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.

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