FHFA, Fed Nominees Face Setback on Senate Banking Vote

On February 15, the Senate Banking Committee (SBC) held a markup to advance President Joe Biden’s five nominees to the Federal Reserve Board of Governors including Jerome Powell to serve a second term as Fed Chair, Lael Brainard as Vice Chair, Sarah Bloom Raskin as Vice Chair of Supervision, and Lisa Cook and Philip Jefferson as Board members, as well as the nomination of Sandra Thompson, Acting Director of the Federal Housing Finance Agency (FHFA), to lead the agency on a permanent basis. In order to advance the nominations for a full Senate confirmation vote, a majority of committee members must be present. However, no Republican member of the committee attended the markup, thereby delaying the process. The nomination of Sarah Bloom Raskin is reported to be the main source of opposition from Republicans.

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