WASHINGTON Janet Yellen, vice chair of the Federal Reserve Board and President Obama's pick to run the central bank, will appear before the Senate Banking Committee on Nov. 14.
Yellen, 67, has spent the last several weeks meeting with top Democrats and Republicans on the banking panel ahead of her confirmation hearing planned for next week, according to the committee's schedule released on Thursday. Her nomination must be approved by the committee before it can advance to the Senate floor.
President Obama nominated her on Oct. 9 to succeed Ben Bernanke, whose term as chairman expires on Jan. 31. Yellen has previously served as president of San Francisco Fed and on the Council of Economic Advisors in the Clinton administration.
Some top Republicans, including Bob Corker of Tennessee and Mike Crapo of Idaho, have already voiced some hesitation about her as a potential nominee given the ongoing controversy of the Fed's unconventional monetary policies.
Senate Democrats, for their part, have united in backing Yellen. Sens. Tim Johnson, chairman of the Banking Committee, Chuck Schumer of New York, Elizabeth Warren of Massachusetts and Sherrod Brown of Ohio have all lent the central banker their support.
Following his meeting with Yellen on Oct. 31, Johnson lauded her ability as "one of the pre-eminent economists of our time" and "has a keen understanding of how the Federal Reserve's work impacts every American."
Donna Borak is the Federal Reserve reporter for American Banker.
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