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Republican Senators to Boycott Vote on Biden’s Fed Picks

Sally Kent

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Republicans on the Senate Banking Committee will block votes on five Federal Reserve nominees. In a Tuesday announcement, Sen. Pat Toomey, the top Republican on the Banking Committee, said GOP members of the Banking panel will not show up for scheduled votes on Biden’s choices to serve on the Fed board, including Fed Chair Jerome Powell.

Fox Business reports:

Republicans are accusing Fed vice chair of supervision nominee Sarah Bloom Raskin of influence peddling after leaving a post in the Obama administration. Raskin, the White House, the Kansas City Fed the company she’s accused of using her influence to assist all strenuously deny the allegation.

A boycott could also affect Federal Reserve Chairman Pro Tempore Jerome Powell, who is up for another term in his post. Other nominees who were expected to get votes were Fed vice chair nominee Lael Brainard, Fed governor nominee Phillip Jefferson, and Fed governor nominee Lisa Cook.

“Committee Republicans aren’t seeking to delay her vote. We’re seeking answers,” Banking Committee Ranking Member Pat Toomey, R-Pa., said Tuesday. “Until basic questions have been adequately addressed, I do not think the Committee should proceed with a vote on Ms. Raskin.”

Brown Tuesday said in boycotting the markup, “Toomey chose to abdicate his duty to the American people and put our economic recovery at risk, instead of doing his job and showing up to vote on Ms. Bloom Raskin, Dr. Cook, Dr. Jefferson, Gov. Brainard, and Chair Powell’s nominations.”

A Senate committee needs at least two members from the minority party to be able to conduct official business, including the approval of presidential nominees.