Speaker Sherrod Brown (D-OH) questions Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell during a Senate Banking, Housing, and Urban Affairs Committee hearing on the CARES Act, at the Hart Senator Office Building in Washington, DC on September 28, 2021.
Kevin Dietsch | Swimming pool | Reuters
Sen. Sherrod Brown, chairman of the Senate Banking Committee, said Tuesday afternoon that the committee would delay its votes on five of President Joe Biden’s nominees to the Federal Reserve as Republicans protest Sarah Bloom Raskin’s candidacy.
The banking committee was scheduled to vote on whether to recommend Raskin and four of the president’s other picks to lead the Fed, but could not achieve the necessary quorum without Republican presence.
“I’m going to hold up votes on these nominees. We’ll let you know when we reschedule,” Brown said Tuesday afternoon. “The Republicans have left the American people.”
After making the announcement, Brown held an unofficial vote to make it clear that Democrats support the presidential nominees. Sen. Elizabeth Warren, D-Mass., clarified that she was a “yes” to all candidates except incumbent Fed Chair Jerome Powell.
Ranking committee member Sen. Pat Toomey of Pennsylvania announced earlier today that the GOP would boycott the nominating vote due to their ongoing “revolving door” concerns regarding Raskin’s previous work for Reserve Trust, a fintech company she worked for shortly after leaving Obama. administration.
In December, Biden named Powell and Lael Brainard as Fed chairman and vice chairman, respectively. The president then appointed Raskin as vice chairman of oversight, along with Lisa Cook and Philip Jefferson as governors of the Fed’s board of directors.
But Republicans on the committee have repeatedly criticized Raskin and his earlier work for Reserve Trust.
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