By a 14-8 vote that saw three Republicans join 11 Democrats in saying "aye," the Senate Banking Committee on Thursday morning approved the nomination of Janet Yellen to be the next head of the Federal Reserve.

The full Senate, where Democrats control 55 of the 100 votes, is expected to take up her nomination in December. A handful of Republicans have already said they will vote yes, so confirmation is expected. The term of current Fed Chairman Ben Bernanke expires on Jan. 31.

Yellen is currently the Fed's vice chairman. The post-hearing analyses of her recent testimony before the Banking Committee concluded that Fed policy likely wouldn't change much, if at all, should she replace Bernanke. The central bank is expected to continue its efforts to boost the economy at least into early 2014.

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