US Republican Senator Corker to support Yellen as Fed Chief
Source: Reuters
Janet Yellen's bid to lead the Federal Reserve won a significant boost on Wednesday when one of her biggest critics in the U.S. Senate said he had decided to support her nomination.
Republican Senator Bob Corker of Tennessee said in a statement that he would set aside his reservations about Yellen because he believes she will bring more transparency to the U.S. central bank and has pledged to reduce Fed bond purchases as soon as economic data support such a move.
"In the end, I do believe she has the qualifications necessary to be the Fed chairman and plan to support her nomination," said Corker, who voted against Yellen's nomination as Fed vice chair in 2010.
Corker is a member of the Senate Banking Committee, which will vote on Thursday on whether to send Yellen's nomination to the full Senate. Although she is expected to win confirmation relatively easily, Corker's support could help persuade a handful of other Senate Republicans to drop their opposition.
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