Politics

November 21, 2013

Confirmation predicted for Fed pick

Janet Yellen looks likely to become chairman of the Federal Reserve.

The Washington Post

WASHINGTON — President Obama’s pick to lead the Federal Reserve appears likely to be confirmed, as several Republicans indicated Wednesday that they are open to the nomination.

Sen. Bob Corker, R-Tenn., said he plans to support Janet Yellen, currently the No. 2 at the nation’s central bank, for the top job despite their disagreements over the limits of the Fed’s power. Corker is a member of the Senate banking committee, which is slated to vote Thursday to send Yellen’s nomination to the floor and the first Republican to announce his approval publicly.

“I do believe she will bring a more transparent approach to Fed decisions and guidance,” he said.

Democrats hold a majority in the Senate but don’t have enough votes to break a Republican filibuster, making bipartisan support essential to Yellen’s confirmation. Sens. Tom Coburn, R-Okla., Susan Collins, R-Maine, and Orrin Hatch, R-Utah, said this week that they have yet to make a final decision, leaving the door open for a favorable vote.

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