The Senate Banking Committee on Thursday approved Janet Yellen's nomination to become the first woman to lead the Federal Reserve, sending it to the full Senate for a final vote.

If confirmed, as is widely expected, the current number two at the U.S. central bank will replace its chairman,Ben Bernanke, when his term expires on Jan. 31, making her the most powerful woman in world finance.

The panel's vote was 14 in favor and 8 against.

Democrats control 55 of the 100 votes in the chamber, which means she needs to only secure the backing from five Republicans to overcome Senate procedural hurdles, and looks well on the way to reaching that threshold.