WASHINGTON (AP) -- A Senate panel has advanced Janet Yellen's nomination to lead the Federal Reserve, setting up a final vote in the full Senate. The timing of a Senate vote isn't clear, but Yellen is widely expected to win confirmation.
The Senate Banking Committee approved the nomination 14-8. All the no votes came from Republicans, several of whom say they object to the Fed's aggressive low interest-rate policies to support the economy.
Yellen was nominated by President Barack Obama in October to succeed Ben Bernanke, whose second four-year term as chairman will end Jan. 31.
Some senators have said they plan to hold up Yellen's nomination as leverage on other matters. That tactic is likely to delay but not derail Yellen's confirmation.
Yellen would be the first woman to lead the Fed and the first Democrat to do so since Paul Volcker stepped down in 1987. She made clear at the committee's hearing last week that she's prepared to support the Fed's extraordinary efforts to bolster the economy until there are clear signs of a sustained rebound and further improvement in the job market.
As a result, the Fed's low-rate policies are expected to continue under her leadership. Yellen has been a close Bernanke ally, first as president of the San Francisco regional Fed bank, and then since 2010 as vice chair of the Fed's board in Washington.
Yellen and Bernanke are both considered "doves" - Fed officials who stress the need to fight unemployment during periods of economic weakness. By contrast, "hawks" tend to worry more about inflation that could arise from the Fed's policymaking.
In the view of Fed watchers, Yellen's testimony last week solidified her dovish reputation. She maintained that the Fed's bond buying program has successfully supported the economy by keeping long-term borrowing rates. And she minimized concerns that critics have raised about the bond purchases.
The Fed is adding to its investment portfolio with $85 billion a month in bond purchases. Its holdings are nearing $4 trillion, more than four times their level before the financial crisis struck in the fall of 2008.
Republican critics say they fear that by flooding the financial system with money, the Fed has inflated stock and real estate prices and could create asset bubbles that could pop with dangerous consequences for the economy.
Some say they also worry that the Fed's eventual unwinding of its investment holdings will unsettle financial markets, sending stock prices falling and interest rates rising and threatening the economic recovery.
Sen. Mike Crapo, R-Idaho, said before Thursday's vote that he would oppose her because of his disapproval of the Fed's easy money policies.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
A Hamilton County poll worker and a Northern Kentucky man were indicted Wednesday on charges that they voted illegally last November.
WCPO reporter Jessica Noll covers the debate between Boone County judge executive candidates Gary Moore and J. Kyle Sweeney.
A group of Cincinnati area officials and business leaders are coming together Wednesday to support a statewide project.
A recap of the debate between Campbell County judge executive candidates Steve Pendery and Kevin Sell.
The average pay gap between men and women in the offices of four of Ohio’s five elected statewide officials has grown to almost $10 an hour.
An infusion of cash from out-of-state donors has helped build Gov. John Kasich's campaign fund.
Dave Stubbs aims to survive (his) term as mayor of the historical city and still be on speaking terms with his friends and neighbors.
As political and business leaders sort through the aftermath of 2014 Kentucky General Assembly, some are wondering whether an effort to help…
The two Ohio cities still in contention to host the 2016 Republican National Convention will be visited in late April by party staff or…
Ohio Gov. John Kasich touted his record of creating jobs and talked about big issues for the Cincinnati area in an exclusive interview with WCPO.