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The Senate Banking, Housing and Urban Affairs Committee has approved the appointment of Ben Bernanke as the next head of the Federal Reserve, sending his application before the full Senate for final approval. Bernanke is expected to win the vote before the Senate, taking over from current Reserve chairman Alan Greenspan. Greenspan has announced his retirement which will come into effect in January next year. No date has been confirmed for the Senate vote. Source: news.yahoo.com