On January 23, 2018, the Senate confirmed Jerome "Jay" Powell to be chairman of the Federal Reserve Board of Governors by a vote of 85-12. President Trump nominated Powell to replace Fed Chair Janet Yellen in November. Yellen's term expires on February 3.

Earlier Tuesday, the Senate voted 84-12 to invoke cloture on Powell's nomination, ending debate, with 60 votes necessary for cloture. The senators voting against cloture on that vote were Sens. Richard Blumenthal (D-CT), Cory Booker (D-NJ), Ted Cruz (R-TX), Dianne Feinstein (D-CA), Kirsten Gillibrand (D-NY), Kamala Harris (D-CA), Mike Lee (R-UT), Edward Markey (D-MA), Jeff Merkley (D-OR), Rand Paul (R-KY), Bernie Sanders (I-VT) and Elizabeth Warren (D-MA). Four senators did not vote: Sens. Bob Corker (R-TN), John McCain (R-AZ), Tim Scott (R-SC) and Thom Tillis (R-NC).

The Senate Banking Committee voted to send Powell's nomination to the Senate floor on January 17. Powell's nomination was advanced by a voice vote, with Sen. Warren asking to be recorded as a "no." The committee had previously voted favorably on Powell's nomination on December 5, 2017, but the Trump Administration had to resubmit Powell's nomination this year when it was not included in a group of nominees that "rolled over" to 2018 by consent of the Senate during the final Senate session of 2017.

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