US Senate panel approves Powell's nomination to be next Fed chair

Washington: US Senate Committee on Banking on Tuesday approved the nomination of Jerome Powell as the next chairman of the Federal Reserve, sending his nomination to the full Senate for a vote.

The committee approved Powell`s nomination by a vote of 22-1. All but one member in the committee voted for Powell`s nomination, Xinhua news agency reported.

Senator Elizabeth Warren expressed her concern that Powell might loosen financial regulations once he takes the job as Fed chair.

There is no date set yet for a vote on his nomination at the full Senate, where he might easily win enough support as Tuesday`s vote suggested.

Powell, who is currently a member of the Fed`s Board of Governors, was nominated by President Donald Trump in November to replace current Chair Janet Yellen, whose term as chair expires in February 2018.

At his confirmation hearing, Powell said that he would support the central bank to gradually tighten monetary policy, while ease regulatory burdens on some financial institutions.