June 10, 2014 / 7:19 PM / 3 years ago

Powell's nomination to serve fresh Fed term advances in Senate

Federal Reserve Board of Governors member Jerome Powell listens during an open board meeting at the Federal Reserve in Washington December 14, 2012.Kevin Lamarque

WASHINGTON (Reuters) - The nomination of Federal Reserve Governor Jerome Powell to serve a fresh term at the U.S. central bank cleared a procedural hurdle in the Senate on Tuesday, paving the way for a final confirming vote later this week.

Powell, who served in the U.S. Treasury under President George H.W. Bush, took office at the Fed in May 2012 to fill an unexpired board term that ended on Jan. 31. President Barack Obama renominated him to a fresh term that would end in January 2028.

The Senate is scheduled to hold a final vote on his nomination on Thursday.

Reporting by Michael Flaherty; Editing by Andrea Ricci

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