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Senate committee approves 3 nominees for Fed board

WASHINGTON (AP) -- A Senate committee has advanced the nominations of three officials selected by President Barack Obama to fill vacancies on the seven-member Federal Reserve Board.

The Banking Committee approved the nominations of Stanley Fischer to be vice chairman and Lael Brainard to be a board member. It also approved the nomination of Jerome Powell, a current board member, for another term.

The three, approved on a voice vote, are expected to win easy approval in the full Senate. Committee Chairman Tim Johnson, D-S.D., has said that, given the vacancies on the Fed board, it's important for the Senate to act quickly on the nominations.

Fischer, a former head of the Bank of Israel, would succeed Janet Yellen in the No. 2 job, the post she vacated to become Fed chair.

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