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Senate approves Fed chair

WASHINGTON  A Senate committee has approved Jerome Powell's nomination to replace Janet Yellen as head of the Federal Reserve.

Tuesday's 22-1 vote by the Senate Banking Committee clears the way for full Senate approval in the coming weeks before Yellen's term ends Feb. 3. The only "no" vote came from Sen. Elizabeth Warren, D-Mass.

Powell, who has been a governor on the Fed board since 2012, is expected to continue Yellen's policy of gradually raising the Fed's key short-term interest rate but has signaled more openness to easing financial regulations.

At his confirmation hearing last week, Powell, a Republican, defended the Dodd-Frank Act, which tightened financial oversight after the 2008 financial crisis but supported loosening regulations on smaller banks.

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