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Powell confirmation hearing set for Nov 28

Donald Trump's nominee for Fed chairman Jerome Powell will face a confirmation hearing on Nov 28. (AAP)

A November 28 confirmation hearing will be held for Donald Trump's nominee for chairman of the US Federal Reserve, Jerome Powell.

The US Senate Banking Committee will hold a confirmation hearing for President Donald Trump's nominee for chairman of the Federal Reserve on November 28.

Trump last week tapped Fed Governor Jerome Powell, 64, to become head of the US central bank.

The decision broke with precedent by denying Janet Yellen a second term, but signalled 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 $US4.5 ($A6.3) trillion balance sheet.

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