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November 21, 2013 AT 10:17 AM
The Senate aims to hold a vote in December to confirm Janet Yellen as the next chair of the Federal Reserve. The current Fed No. 2 earlier won backing for her nomination from the Senate Banking Committee, which voted 14 to 8 to advance her confirmation to the full Senate for approval. Yellen, nominated by President Barack Obama to replace current Fed chief Ben Bernanke when his term expires on January 31, is widely expected to win confirmation without a hitch. She would become the first woman to lead the U.S. central bank.