The committee's support would move Shelton's nomination to the full Senate, which would have until the end of the year to confirm or reject it.
Late Monday, Sen. John Kennedy, Republican of Louisiana, said he would support Shelton's nomination, essentially guaranteeing that she would win the votes of all 13 GOP senators on the committee.
Toomey said he would support Shelton after she had reassured him that she would not seek to lower the value of the dollar.
Since Shelton's hearing in February, the coronavirus pandemic has plunged the U.S. economy into its worst downturn since the Depression.
In addition to Shelton, Trump has nominated Christopher Waller, research director at the St. Louis Federal Reserve Bank, for a second vacancy on the seven-member Fed board.