The Senate Banking Committee has advanced President BidenJoe BidenUngar-Sargon: Working class hardest hit by inflation Nevada County plans to count all ballots by hand Biden announces military B aid to Ukraine: report MORE‘s four remaining Federal Reserve nominees after one pick withdrew under bipartisan opposition.
Wednesday’s panel cleared the Fed Chairman Jerome PowellJerome PowellRaskin withdraws nomination as Fed Vice Chairman for a vote by the full Senate on his confirmation for another four-year term as head of the central bank. Senators voted 23 to 1 to recommend his renomination, with only Sen. Elizabeth WarrenElizabeth WarrenCongress must strengthen protections against insider trading by its members and their families pandemic MORE (D-Mass.) opposite.
The committee also advanced the nomination of Fed Governor Lael Brainard as Fed Vice Chairman by a vote of 16 to 8, as well as the nominations of Lisa Cook, a professor at Michigan State University, and Philip Jefferson, a professor at Davidson College, to serve on the Fed’s board of directors.
While Jefferson received unanimous support, senators voted 12 to 12 on Cook’s nomination, splitting along party lines. By Senate Rules, Senate Majority Leader Charles SchumerChuck SchumerBiden signs $0.5 trillion government funding bill with help from Ukraine (DN.Y.) can still call Cook’s nomination for a confirmation vote.
Biden’s nominees are now heading to the Senate, where they will need 51 votes to be confirmed and fill all but one vacant seat on the seven-person Fed board. Fed watchers expect all four to win confirmation, with Powell seen as a virtual lock for another term as president.
The banking panel advanced the nominees a day after Sarah Bloom Raskin, whom Biden nominated as vice president for oversight, retired after Senses. Joe ManchinJoe ManchinSenate votes to scrap mask mandate for public transportation On The Money – Raskin steps down after bipartisan backlash Overnight Energy & Environment – Biden Fed chooses after fight over climate stance MORE (DW.V.), Susan CollinsSusan Margaret CollinsOn The Money – Raskin steps down after bipartisan backlash Overnight Energy & Environment – Biden Fed picks after climate stance fight Graham is silent on Biden’s Supreme Court pick MORE (R-Maine) and Lisa MurkowskiLisa Ann MurkowskiOn the money – Raskin steps down after bipartisan backlash Overnight Energy & Environment – Biden Fed picks after climate stance fight Graham shuts up on Biden Supreme Court pick MORE (R-Ala.) announced that he would vote to confirm it.
Manchin specifically cited Raskin’s criticism of the Fed’s decision to provide emergency loans to oil and gas companies, as well as his views on how financial regulators should deal with climate-related risks.
“I am disappointed that the American people were denied a thoughtful, experienced public servant who was prepared to fight inflation and stand up for working families,” the senator said. Sherrod BrownSherrod Campbell BrownCongress must strengthen protections against insider trading by its members and their families Raskin withdraws Fed vice-chairman nomination Bank chairman sticks with Raskin despite manchin opposition MORE (D-Ohio) in his remarks ahead of Wednesday’s vote.
“I look forward to putting President Biden’s talent and qualified candidates to the Federal Reserve Board to work.”
Banking Committee Republicans also blocked the panel from advancing Biden’s five Fed picks due to concerns about Raskin’s work history. Every GOP member of the banking panel boycotted a vote on the five Fed nominees after Brown refused to withhold Raskin’s nomination and allow senators to vote on the others separately.
“While I know we will disagree on the case of Sarah Bloom Raskin, I hope we can agree on the importance that difficult decisions that inevitably involve painful compromises are decisions that should be taken in a democratic society by people who are accountable to the vote,” the senator said. Pat ToomeyPatrick (Pat) Joseph ToomeyThe Hill’s Morning Report – Biden on Russia: Beware and Check Overnight Health Care – Biden eyes additional funding for COVID-19 Senate confirms Biden’s FDA nominee MORE (R-Pa.), ranking member on the panel.
Cook is an economics professor who served on the White House Council of Economic Advisers under former president obamaBarack Hussein ObamaGraham Is Quiet On Biden’s Supreme Court Pick The Hill’s 12:30 Report – DC Prepares For Zelensky’s Appeal To Congress Obama To Tell Netflix Series ‘Our Great National Parks’ MORE. She has held research and executive positions at Harvard University and Stanford University and has been a guest at several regional Reserve Banks. She is currently a member of the Chicago Fed Advisory Board.
Jefferson, also vice president of academic affairs at Davidson, was an economist for the Fed board and spent decades in several research and faculty positions. He is also an adviser to the Minneapolis Fed and former president of the National Economics Association.
If confirmed, Cook would be the first black woman of color to serve on the Fed’s board since its inception in 1913. Together, she and Jefferson would be the first two black members to simultaneously serve on the Fed’s board. .
The panel also put forward the nomination of Sandra L Thompson as director of the Federal Housing Finance Agency, which is also expected to be confirmed, by a vote of 13 to 11.