The U.S. Senate will vote on President Joe Biden’s nominations to the Federal Reserve following delays provoked by Republican lawmakers.

In a 50-49 vote on Tuesday, the Senate moved economist Lisa Cook’s nomination to the Federal Reserve governor from the banking committee for a final confirmation vote – although it is not known when the government body will take up the matter. . The Senate will also vote on potential central bank governor Jerome Powell, who was appointed interim chairman in February, and Lyle Brainard as vice president and economist Philip Jefferson as Fed governor.

All four of Biden’s central bank nominations were delayed for a vote in February after the decision was boycotted by Republicans on the Senate Banking Committee who raised concerns about potential Federal Reserve supervisor Sarah Bloom Raskin. Senator Pat Toomey at the time was reported to have said Republican members would support Powell, Brainard, Jefferson and Cook, but not Ruskin.

On March 15, the future deputy head of the Federal Reserve for Supervision withdrew her name from the assessment, citing “relentless attacks by special interests.” Democratic Senator Joe Manchin is also said to have sided with Republicans, saying he would not support Ruskin’s nomination. Because Democrats have a narrow majority in the Senate, a successful vote often requires each member of their party to support the candidate.

During discussions about moving Cook to the Senate, Tommy asked lawmakers to oppose the future central bank governor, citing concerns about inflation in the United States. The Republican senator said Cooke could demonstrate “ultra-left-wing political protection” at the Federal Reserve and that he had “almost zero monetary policy experience.”

The head of the Senate Banking Committee, Sherrod Brown, said it was crucial for lawmakers to immediately confirm Biden’s choice to “fight inflation.” According to the Democratic senator, Cooke was “undoubtedly suitable” for a position in the Federal Reserve and enjoyed “bipartisan support from leading economists”:

Despite her widespread support, a small but vocal minority erroneously claimed that Lisa Cook did not meet the criteria for the position – criteria that seemed to apply only to certain candidates.
A change in the leadership of one of the leading financial regulators could affect how the US government views cryptocurrencies and the blockchain. In February, the Federal Open Market Committee approved rules banning senior Federal Reserve officials from buying and holding cryptocurrencies. House lawmakers may also consider legislation to prevent their counterparties from trading stocks, a law that could extend to digital assets.

Related topics: Forces … The Fed supports cryptocurrency – a kind

The nominations for Powell, Brainard, Jefferson and Cook are now likely to emerge after Tuesday’s vote. If they win more than 50 votes in the Senate – Vice President Kamala Harris could act as a decisive tiebreaker if necessary – Powell and Brainard will lead the Fed until 2026. Cook and Jefferson will serve as Fed governors for 14 years. terms.

Source: CoinTelegraph