SBC Advances Federal Reserve and FHFA Nominees

On March 16, the Senate Banking committee (SBC) voted to advance the nominations of President Joe Biden’s remaining four Federal Reserve nominees. The nominations included Fed Chair Jerome Powell to a new term; Fed Governor Lael Brainard to serve as Vice Chair, and Philip Jefferson and Lisa Cook to become members of the Board of Governors. This development comes as Sarah Bloom Raskin withdrew her name from consideration to serve on the Fed’s Board following bipartisan opposition. The committee also approved the nomination of Federal Housing Finance Agency Acting Director Sandra Thompson to a full five-year term. The approved nominees will now advance to the full Senate for consideration.

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