Economics
Yellen, Diamond, Raskin Win Panel’s Approval for Fed
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The U.S. Senate Banking Committee backed the nomination of three candidates for the Federal Reserve Board, including San Francisco Fed President Janet Yellen for vice chairman.
The panel’s decisions advanced the three a step closer to a vote by the full Senate necessary for confirmation. Yellen’s candidacy for vice chairman was recommended in a 17-6 vote. The panel voted 16-7 in favor of Peter Diamond, a Massachusetts Institute of Technology economics professor, and 21-2 for Sarah Bloom Raskin, Maryland’s commissioner of financial regulation. All of the opposition came from Republican committee members.