U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria

WASHINGTON (Reuters) - The U.S. Senate Banking Committee will hold a confirmation hearing on Nov. 28 for Jerome Powell, President Donald Trump’s nominee for chairman of the Federal Reserve, the committee said in a statement on Wednesday.

Trump last week tapped Powell, 64, a Fed governor since 2012, to become head of the U.S. central bank, breaking with precedent by denying Janet Yellen a second four-year term but signaling a continuation of her cautious monetary policies.

Powell is quickly garnering support from Republican lawmakers, including Senate Majority Leader Mitch McConnell, who met with Powell on Tuesday and said he looked forward to “supporting his nomination.”

Republican Senator Mike Crapo, who chairs the Banking Committee, said on Wednesday that Powell was “well-equipped to lead our economy and the country in a positive direction.”

Powell is widely expected to continue to raise interest rates gradually, as Yellen began to do in late 2015, and to shrink the central bank’s $4.5 trillion balance sheet.