Senate panel is likely on Thursday to back nomination of Yellen as Fed chairman

WASHINGTON – The Senate Banking Committee is expected to vote Thursday to approve President Barack Obama’s choice of Janet Yellen for chairman of the Federal Reserve and to send the nomination on to the full Senate.

The timing of a vote in the full Senate is uncertain because some senators have said they planned to hold up her nomination as leverage on other matters. But the Senate is eventually expected to approve Yellen’s nomination to a four-year term.

Yellen, now vice chairman, would succeed Ben Bernanke, who will step down when his second four-year term ends Jan. 31.

Yellen made clear during a confirmation hearing last week that she’s prepared to support the Fed’s extraordinary efforts to bolster the economy until there are more signs of a sustained rebound in growth.