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Wednesday 16 February 2022

Senate GOP delays votes on Raskin and 4 other Fed nominees

By CHRISTOPHER RUGABER inappropriately used her said.
AP Economics Writer connections to the Fed to The committee was sched-
WASHINGTON (AP) — Re- benefit the company. uled to vote Tuesday on
publican members of the Committee Republicans Powell, Raskin and Lael
Senate Banking Com- have also objected to Brainard, a Fed board
mittee boycotted a vote Raskin's past statements on member whom Biden has
Tuesday on President Joe climate change, in which nominated to the vice
Biden's five nominees to the she urged the Fed to con- chair position. Votes on
Federal Reserve, delaying sider risks to the financial economists Lisa Cook, who
indefinitely the confirma- system from weather di- would be the first Black
tion of Chair Jerome Powell sasters and other impacts woman to serve on the
to a second four-year term. of rising temperatures in Fed's board, and Philip Jef-
Democrats control the its bank oversight. Toomey ferson, who would be just
committee, but because has charged that Raskin the fourth Black man, were
no Republican attended would use the Fed's tools also scheduled.
the session, votes couldn't to discourage banks from Powell is serving as Fed
take place under the pan- Sarah Bloom Raskin, a nominee to be the Federal Reserve's lending to oil and gas com- chair on an acting basis
el's rules. Board of Governors vice chair for supervision, speaks during the panies. after his term expired Feb.
Senate Banking, Housing and Urban Affairs Committee confir-
The boycott stemmed from mation hearing on Thursday, Feb. 3, 2022, in Washington. The delay in the commit- 4. The Fed's seven-member
Republican opposition Associated Press tee's consideration of the board of governors cur-
to Sarah Bloom Raskin, a nominees reflects an un- rently has three vacancies.
former Fed governor and banking regulator. Sen. Pat insufficient answers about usual degree of partisan- Brown and the Biden White
deputy Treasury secretary Toomey of Pennsylvania, her work as a board mem- ship surrounding Raskin, a House argued that with
under President Barack the senior Republican on ber for a fintech firm. Toom- sign that the nation's politi- inflation rising it was im-
Obama whom Biden the committee, argued ey and other Republicans cal polarization is now en- portant to approve all the
picked to be the Fed's top that Raskin had provided have asserted that Raskin gulfing the Fed, tradition- nominees. The Fed's mis-
ally a relatively nonpartisan sions are to keep unem-
institution. In 2010, when ployment low and stabilize
she was first appointed to prices.
the Fed's Board of Gover- White House press secre-
nors, Raskin was confirmed tary Jen Psaki said the boy-
unanimously by the Senate. cott was "totally irresponsi-
"Important questions about ble at a time when it's nev-
Ms. Raskin's use of the 're- er been more important to
volving door' remain un- have confirmed leadership
answered largely because at the Fed to help continue
of her repeated disingenu- our recovery and maintain
ousness," Toomey said in a price stability."
statement Tuesday. "Her fit- Brown said before the
ness to serve, her judgment, hearing that he would not
and her probity are of ut- separate out Raskin's nomi-
most importance because nation and vote on the four
Ms. Raskin is being consid- other nominees, a process
ered for a 10-year term at that could allow them to
the nation's independent proceed to the Senate
central bank and foremost floor for final approval.
financial regulator." "We're not going to let
Sen. Sherrod Brown, the them cherry-pick," Brown
Ohio Democrat who told reporters on Capitol
chairs the committee, de- Hill. "We're not going to
nounced his Republican play that game."
colleagues for refusing Brown and the other Dem-
to attend the committee ocrats on the committee
meeting and vote. gathered at the sched-
"Ms. Bloom Raskin has been uled time for the vote, but
the subject of an unrelent- no Republicans were pres-
ing smear campaign and ent. After criticizing their
fear mongering by (Toom- absence, Brown said he
ey) and Republicans — would reschedule it for an-
something that's become other time. He provided no
all too common," Brown further details.q