U.S. Senate panel backs Fischer to be Fed's No. 2

The Senate Banking Committee approved three nominees to the Federal Reserve's board on Tuesday, including Stanley Fischer to be the U.S. central bank's No. 2, in a big step toward replenishing the Fed's governing body. The panel also backed the nominations of former senior U.S. Treasury official Lael Brainard and current Fed Governor Jerome Powell, who was nominated for another term. The nominations are now cleared to go before the full Senate for final confirmation votes. A date for Senate consideration has not yet been set.

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