The US Senate Banking Committee backed Mr Alan Greenspan for a fifth and final term as chairman of the Federal Reserve today, sending his nomination to the full Senate for approval.
The panel approved the nomination on a voice vote with only one dissent long-time Fed critic Republican Senator Mr Jim Bunning of Kentucky.
When the full Senate will act was not immediately clear, but the nomination is expected to garner wide support.
"The committee just reported him out today, so it could be tomorrow, it could be next week," said Ms Amy Call, spokeswoman for Senate Majority Leader Mr Bill Frist, a Tennessee Republican.
Mr Greenspan's current term as chairman expires on Sunday, but he could continue to serve in an acting capacity if the Senate had not voted by then.
Mr Greenspan, 78, took the helm at the central bank in 1987 when he was tapped to serve an unexpired term as a member of the Fed's board.
A fresh, four-year term as chairman would allow him to continue to serve at least through January 2006, when his separate 14-year term as board member expires.
Under the law, Fed board members can only serve one full term, and the chairman must be chosen from their ranks.
He could, however, continue to serve past January 2006 if not replaced by then.