The Senate confirmed the second of President Obama’s two nominees to serve on the Federal Reserve Board of Governors in a 74-21 vote on Thursday, bringing the board to full, seven-member strength for the first time since 2006.
Obama nominated Powell, along with Democrat Jeremy Stein to serve on the board in December. The unusual pairing of a Democrat and Republican was an attempt to ease their confirmation processes in a year where presidential nominees have had a particularly grueling time making it through the Senate. Stein was approved in a separate vote earlier on Thursday.
Powell, a former investment banker, served in the Treasury Department under President George H.W. Bush and is a visiting scholar at the Bipartisan Policy Center.