WASHINGTON—The Senate Banking Committee has given approval to President Donald Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve.

Powell won the support of everyone on the committee except Sen. Elizabeth Warren. She cast the lone no vote saying she could not support Powell because of her concerns that he would join in efforts by the Trump administration to unravel the Dodd-Frank Act passed in 2010 to strengthen regulation of the nation’s banking sector.

The nomination now goes to the full Senate where it is expected to win easy approval.

Powell, who has been a member of the Fed board since 2012, was tapped for the chairman’s job after Trump decided against nominating Fed Chair Janet Yellen for a second term.

U.S. President Donald Trump on Nov. 2 announced his choice of Federal Reserve board member Jerome Powell to be the next chairman of the nation's central bank, succeeding Janet Yellen, the first woman to hold the position. (The Associated Press)

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