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Yellen’s Nomination as Fed Chief Approved by Senate Panel

Janet Yellen’s nomination to be chairman of the Federal Reserve won support from the Senate Banking Committee today in a 14-8 vote, moving her bid to be the Fed’s first female head to the Senate for confirmation.

Yellen was backed by 11 of the 12 Democrats on the banking committee, and three of the panel’s Republicans. Republican Senators Mark Kirk of Illinois, Bob Corker of Tennessee and Tom Coburn of Oklahoma supported her. Joe Manchin of West Virginia was the only Democrat to vote against her.