The Senate Banking Committee voted 14-8 today to send Yellen’s nomination to the Senate floor for confirmation, according to a USA Today report. Most observers expect Yellen to be confirmed to succeed Ben Bernanke as head of the Federal Reserve. If confirmed, she would become the first woman to chair the Fed.
According to USA Today, Republicans Bob Corker (Tenn.), Tom Coburn (Okla.) and Mark Kirk (Ill.) broke ranks with other party members on the committee to support Yellen. West Virginia’s Joe Manchin was the only Democrat to vote against her.
”Dr. Yellen understands the challenges facing our economy and the balance the Fed must strike as we navigate the path back to full employment,” said committee Chairman Tim Johnson (D-S.D.). “Dr. Yellen also showed in her testimony that she understands the importance of completing ongoing Wall Street Reform rulemaking and of the Fed's regulatory role in supervising the riskiest banks.”
Mortgage industry groups are mostly happy with Yellen’s nomination, since she’s widely expected to retain Bernanke’s easy-money policies – particularly the $85bn-per-month bond-buying program that led to historically low interest rates.
Janet Yellen has cleared the first hurdle on her way to becoming the new chair of the Federal Reserve.