WASHINGTON — The Senate has approved President Donald Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month.

Senators voted 85-12 to confirm Powell to lead the nation’s central bank, a post that’s considered the most powerful economic position in government.

Powell will succeed Janet Yellen, the first woman to lead the Fed, when her term ends Feb. 3. Trump decided against offering Yellen a second four-year term as chair despite widespread praise for her performance since succeeding Ben Bernanke.

Powell, 64, has served for 51/2 years on the Fed’s board. He will be the first Fed leader in 40 years without an advanced degree in economics.