![]() His decadeslong career in academics has focused on labor markets and poverty. Jefferson, meanwhile, is vice president for academic affairs and dean of faculty at Davidson College. She also served as a senior economist in the Obama administration's Council of Economic Advisors. She is also a member of the steering committee at the Center for Equitable Growth, a progressive Washington-based think tank that counts several of Biden's top economists among its alumni. They will "bring important perspectives to the Federal Reserve Board about the economic issues women, Black and brown workers, and rural and industrial communities across the country face."Ĭook is a professor of economics and international relations at Michigan State University. "With these nominees, President Biden is showing the country what a Federal Reserve standing on the side of workers and their local communities looks like," Brown said in a statement Friday morning. Sherrod Brown, the Banking Committee's chairman and an Ohio Democrat, to serve as a governor. CNBC reported in May that she was the top choice of Sen. While Jefferson's name had more recently come up in closed-door discussions to serve as a governor, Cook's nomination was well telegraphed. Jefferson have the necessary experience, judgment, and policy views to serve as Fed Governors," he added. "I have serious concerns that she would abuse the Fed's narrow statutory mandates on monetary policy and banking supervision to have the central bank actively engaged in capital allocation." "Sarah Bloom Raskin has specifically called for the Fed to pressure banks to choke off credit to traditional energy companies and to exclude those employers from any Fed emergency lending facilities," he said in a statement Thursday evening. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Toomey on Monday told Bloomberg TV he would vote against Biden's pick for Fed vice chair, current Fed Governor Lael Brainard, as well as against Michigan State University's Lisa Cook, who if seated would be the first Black female Fed governor.Best Debt Consolidation Loans for Bad Credit Several Republicans have also said they will vote to confirm a second Fed nominee, Davidson College's Philip Jefferson. Powell, expected this week to announce the first in a series of interest rate hikes to combat soaring inflation, has broad bipartisan support. Manchin, who represents the country's second-biggest coal producing state and one that voted overwhelmingly for former President Donald Trump in the 2020 election, has been a persistent roadblock for Biden administration initiatives. They say past remarks indicate she would further a green energy policy that they fear could reduce fossil fuel companies' access to capital. Toomey and his fellow Republicans on the banking committee have blocked Raskin's nomination from advancing by refusing to appear for a panel vote on the Fed nominees. Senator Susan Collins, a moderate Republican whose support Democrats have courted on key votes in the past, told reporters she also would not vote for Raskin, citing "gaps in experience" among other issues. ![]() Raskin."Īfter Manchin's statement, the White House signaled it was sticking with her and was trying to line up Republican support. "I'm not aware of any Republican support for Ms. Manchin's announcement "probably" ends her nomination "as a practical matter," Senator Pat Toomey, the Senate Banking Committee's top Republican, told Bloomberg TV. The Democratic president also has nominated Fed Chair Jerome Powell for a second term. Raskin, however, is the most contentious of Biden's five nominees to the Fed's Board of Governors and faces strong Republican opposition. Senate to have a hope of being confirmed. With Manchin casting a thumbs down on her nomination, Raskin would need to win over at least one Republican in the evenly divided U.S. "I have come to the conclusion that I am unable to support her nomination," he said. ![]() Raskin's "previous public statements have failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation's critical energy needs," Senator Joe Manchin, a conservative Democrat from West Virginia, said in a statement. WASHINGTON, March 14 (Reuters) - Sarah Bloom Raskin's nomination to become the top bank regulator at the Federal Reserve, already stalled by Republicans, was dealt a heavy blow on Monday after she lost the backing of a senator from President Joe Biden's Democratic Party. ![]()
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