Committee Chairman Mike Crapo, R-Idaho, said in a statement that he had a positive meeting on Wednesday with Powell and called him "well-equipped to lead our economy and the country in a positive direction."
Powell, who has been a member of the Fed's board since 2012, was nominated last week for the top job by President Donald Trump, who decided against selecting current Fed Chair Janet Yellen for a second term.
Treasury Secretary Steven Mnuchin said on Wednesday that Yellen has not yet decided whether she will remain on the board when her term as chair ends on Feb. 3. Her term on the board runs until 2024.
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