Washington, DC — Today, the Senate Banking Committee advanced three out of five of the nominees for the Federal Reserve Board of Governors. Jerome Powell, Lael Brainard, and Dr. Philip Jefferson received bi-partisan support to move forward to the full Senate floor for confirmation while Dr. Lisa Cook’s nomination will be decided by the full Senate after a procedural discharge. Yesterday, Sarah Bloom Raskin withdrew her candidacy for the Vice Chair of the Federal Reserve, a day after Senator Joe Manchin of West Virginia, a known conservative Democrat, stated he would not support her nomination.
The vote comes after weeks of obstruction by Republicans who would not show up to vote for Biden’s Federal Reserve nomination slate. Senator Pat Toomey of Pennsylvania, the senior Republican on the committee, led the Republican charge to oppose Sarah Bloom Raskin’s nomination and boycott the proceedings.
Brooke Harper, 350 U.S. Campaign Manager made the following statement on the nominations:
“While we got one step closer to a fully functional Federal Reserve, we cannot let Republicans and Senator Manchin block the nomination of Lisa Cook and the highly qualified nominees that President Biden has appointed. This slate of nominees is hands down the most-qualified and diverse Federal Reserve Board of Governors nominees in our nation’s history. After the tremendous setback and loss with the withdrawal of Sarah Bloom Raskin’s nomination that was fueled by partisan-politics and fossil fuel interests, we need our leaders to stop playing obstructionist games.
“With inflation at an all time high, ongoing climate impacts like the Florida wildfires, gas prices and the economy in free-fall we need the leadership that Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson will bring to the Federal Reserve. We need leadership that takes into account the compound crises of our economy, systemic racism and the climate. Our country needs a fully-functional Federal Reserve and we need our Senators to step up and confirm Biden’s nominees to the Federal Reserve Board of Governors without delay.”
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For more on the Fossil Free Federal Reserve campaign, explore: linktr.ee/fossilfreefed