Senate Republicans will boycott vote on Fed Chairman Jerome Powell and four other Fed nominees, a senior GOP Senator said Tuesday.
Republican members of the Senate Banking Committee said Tuesday they plan to boycott a planned confirmation vote on Federal Reserve Chairman Jerome Powell and President Joe Biden’s four other nominees to the central bank’s board of governors.
Sen. Pat Toomey, the ranking Republican on the Banking Committee, offered to hold a vote on four of the Fed nominees including Powell. He asked Democrats to agree to delay a vote on Sarah Bloom Raskin to be the next Fed Vice Chairman for Banking Supervision. After serving terms at the Fed and U.S. Treasury Department, Raskin joined the board of Reserve Trust and helped the firm obtain a master account from the Fed.She later sold her Reserve Trust shares for $1.4 million. While no one has alleged that Raskin’s actions violated any laws, Republicans say they want more answers about her actions before voting to confirm her.
Senate Banking Committee Chairman Sherrod Brown, Democrat from Ohio, said Republicans were leaving the Fed short-staffed while it grapples with high inflation.
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