Janet Yellen was approved by the Senate Banking Committee on Thursday to serve as chairwoman of the Federal Reserve for four years.
The panel voted 14-8 to forward her nomination to the full Senate for a final vote, which hasn't been scheduled yet.
Senate Banking Committee Chairman Tim Johnson, D-S.D, called Ms. Yellen “a model candidate,” citing her positions as vice chair of the Fed, and former president and CEO of the San Francisco Federal Reserve Bank.
“Dr. Yellen understands the challenges facing our economy and the balance the Fed must strike as we navigate the path back to full employment,” Mr. Johnson said in an e-mailed statement.