Yellen’s Fed Nomination Advances to Full Senate
The Senate Banking Committee voted Thursday to advance the nomination of Janet L. Yellen to be chairman of the Federal Reserve. If confirmed by the full Senate, Yellen would be the first woman to head one of the world’s most powerful financial agencies.
The panel voted 14-8 to move Yellen’s confirmation to the Senate floor, with Republicans Bob Corker of Tennessee, Mark S. Kirk of Illinois and Tom Coburn of Oklahoma breaking with their party to support her bid. Sen. Joe Manchin III, D-W.Va., was the only Democrat to oppose the nomination.
“As we saw in her testimony last week, Dr. Yellen understands the challenges facing our economy and the balance the Fed must strike as we navigate the path back to full employment. Dr. Yellen also showed in her testimony that she understands the importance of completing ongoing Wall Street reform rule-making and of the Fed’s regulatory role in supervising the riskiest banks,” Senate Banking Chairman Tim Johnson, D-S.D., said in his opening remarks. “I am proud to offer my support for Dr. Yellen to serve as the first female Chair of the Federal Reserve.”