Janet Yellen
Fed Chair Janet Yellen is scheduled to address the House Financial Services Committee at 10 a.m. ET Wednesday. REUTERS/Jason Reed

The Senate Banking Committee voted 14-8 Thursday to approve the nomination of Janet Yellen to be Federal Reserve chairwoman.

Yellen was backed by all of the panel's Democrats except West Virginia's Joe Manchin. Republicans Bob Corker of Tennessee, Tom Coburn of Oklahoma and Mark Kirk of Illinois also voted to approve her.

Yellen, 67, is expected to be confirmed by the full Senate, but a vote has yet to be scheduled. Democrats control 55 of the 100 votes in the Senate and five Senate Republicans have already said they are inclined to support Yellen, according to Bloomberg, which would give her the 60 votes she needs to be confirmed by the full Senate.

If confirmed by the Senate, Yellen would succeed Ben Bernanke, whose second term as Fed chairman expires on Jan. 31. She would become the first female Fed chief in its 100-year history.