(MENAFN- AFP) The Senate Banking Committee on Thursday approved Janet Yellen to chair the US Federal Reserve, setting up a likely confirmation by the full chamber next month.
President Barack Obama's pick to replace outgoing Fed chairman Ben Bernanke passed the committee 14-8, and if approved by the overall Senate she would be the first woman to run the world's most important central bank.
Three Republicans joined 11 Democrats in voting for Yellen, who had breezed through a two-hour confirmation hearing earlier this month but encountered some resistance from critics of the Fed's longstanding "easy money" policy.
There are now five Republicans, including Senators Bob Corker and Susan Collins, who have signalled they are likely to support for Yellen when her confirmation comes to the full Senate for a floor vote.
With Democrats controlling 55 seats, and all of them united behind Yellen, she is likely to get the 60 votes necessary to overcome Republican blocking tactics.
Yellen, 67, is the Fed's current vice chair. She is a close confidant of Bernanke and is not expected to move the Fed away from his signature policies, including an $85 billion a month bond-buying program aimed at boosting growth, and greater transparency on the thinking of Fed policy makers.
Democratic Senator Elizabeth Warren, seen as a key monetary and fiscal policy watchdog in Congress, hailed Yellen as an "extraordinarily qualified woman" for the post and expressed surprise that eight on the committee voted against her.
But fellow Democratic Senator Heidi Heitkamp said that even though she expects a confirmation, there was a "legitimate debate" occuring on the Fed's monetary policy.
Senator Michael Crapo, the committee's top Republican, said he voted against Yellen because of her support for the Fed's huge stimulus program, which has expanded its balance sheet to $4 trillion.
"The long-term costs of these policies are unclear and worrisome," he said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.