Jerome Powell neared confirmation as the next chairman of the Federal Reserve Tuesday, as the Senate voted to end debate on his nomination.

The Senate voted 84-12 to advance Powell, a current member of the Federal Reserve's Board of Governors and a former private equity investor and Treasury official.

A final confirmation vote has not been set, although Tuesday's overwhelming vote suggests it will be a formality.

Both conservative and liberal senators voted against advancing Powell, who has voted with current Chairwoman Janet Yellen on monetary policy and regulatory affairs since joining the Fed in 2012.

Sen. Elizabeth Warren voted against advancing with the nomination, saying on the Senate floor that she fears that Powell will undo many of the rules imposed on banks in the wake of the financial crisis. She was joined by other liberals such as Sens. Jeff Merkley of Oregon and Bernie Sanders of Vermont, an independent who caucuses with Democrats.

Republican Sens. Ted Cruz of Texas, Mike Lee of Utah, and Rand Paul of Kentucky also voted no.

Twenty-one Republicans voted against Powell when former President Barack Obama nominated him to the Fed in 2012, including Lee and Paul. Cruz had not been elected.