Biden's Fed picks are likely headed to Senate vote after partisan delay

Biden's Fed picks are likely headed to Senate vote after partisan delay

The United States Senate will vote on President Joe Biden’s nominations to the Federal Reserve after delays instigated by Republican lawmakers.

In a 50–49 vote on Tuesday, the Senate moved economist Lisa Cook’s nomination for governor in the Federal Reserve System out of the Banking Committee toward a final confirmation vote — though when the government body will take up the matter is uncertain. The Senate will also vote on prospective Fed chair Jerome Powell, who was named chair pro tempore in February, as well as Lael Brainard for vice-chair and economist Philip Jefferson as Fed governor.

Our top trading bots

All four of Biden’s nominations for the central bank were held up for a February vote following a boycott of the decision by Senate Banking Committee Republicans who cited their concerns over prospective Fed vice chair for supervision Sarah Bloom Raskin. Ranking member Senator Pat Toomey reportedly said at the time Republican members would support Powell, Brainard, Jefferson and Cook — but not Raskin.

On March 15, the prospective Fed vice chair for supervision withdrew her name from consideration, citing “relentless attacks by special interests.” Democratic Senator Joe Manchin also reportedly sided with Republicans, saying he would not support Raskin’s nomination. Because Democrats only hold a slim majority in the Senate, having every member of their party behind a candidate is often necessary for a vote to succeed.

In discussions over moving Cook’s nomination forward in the Senate, Toomey urged lawmakers to also oppose the prospective Fed governor, citing concerns over inflation in the United States. The Republican senator claimed Cook could exhibit “extreme left-wing political advocacy” in the Federal Reserve and had “nearly zero experience in monetary policy.”

Senate Banking Committee chair Sherrod Brown said it was critical for lawmakers to get Biden’s picks confirmed immediately“to fight inflation.” According to the Democratic senator, Cook was “unquestionably qualified” for the position at the Fed and had “bipartisan support from top economists”:

“Despite her broad support, a small but loud minority have wrongly claimed that Lisa Cook doesn’t meet the standards for this position — standards that only seem to apply for certain nominees.”

Changing the leadership of one of the top financial regulators could have an impact on how the U.S. government considers treating crypto and blockchain. In February, the Federal Open Market Committee approved rules that would ban senior officials at the Fed from purchasing and holding cryptocurrencies. Lawmakers in the House may also be considering legislation that would stop their colleagues from trading stocks — a law that could potentially extend to digital assets.

Related: Powers On… The Fed endorses cryptocurrency — Kind of

The nominations for Powell, Brainard, Jefferson and Cook will now likely go forward following Tuesday’s vote. Should they receive more than 50 votes in the Senate — Vice President Kamala Harris is able to act as a tie-breaking vote if needed — Powell and Brainard would serve as the Fed board’s leadership until 2026. As Fed governors, Cook and Jefferson would serve 14-year terms.

Keep reading upon Cointelegraph
Waiting on the executive order: how users and financial professionals may benefit from it
United States President Joe Biden’s Executive Order on Ensuring Responsible Development of Digital Assets was widely praised for acknowledging cryptocurrency...
Blockchain and climate action gets highlighted at MENA Climate Week
MENA Climate Week kicked off on Tuesday with a focus on discussing the use of blockchain technology for bringing transformative climate action to the region. Kristina...
Price analysis 3/7: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
The geopolitical tension between Russia and Ukraine has resulted in investors seeking safe-haven assets. Contrary to expectations by crypto investors, Bitcoin...
Bitcoin Climbs 12% In a Green Day
Investing.com - Bitcoin was trading at $38,933.5 by 22:58 (03:58 GMT) on the Investing.com Index on Friday, up 11.52% on the day. It was the largest one-day...
SEC's proposed rule on exchanges could threaten DeFi, says Crypto Mom
Hester Peirce, a commissioner for the U.S. Securities and Exchange Commission known by many in the space as Crypto Mom, is warning that a proposed rule...
NFT firm Dropp GG set to launch ‘geo-minting’ and ‘mixed reality events’
Solana-based augmented reality and NFT platform Dropp GG is developing geographical-based NFT minting and “mixed reality events” tied to the Metaverse.The...
Ethereum whales dumping ETH as price slides below $4K, data shows
Ethereum is having difficulty keeping its richest investors in line as its native token, Ether (ETH), hints at logging more losses in the near term.Blockchain...
17% of addresses snapped up 80% of all Ethereum NFTs since April
Open source blockchain analytics firm Moonstream published a report which found that around 17% of addresses control more than 80% of all NFTs on Ethereum....
Let’s be clear: Blockchain technology is infrastructure
In recent weeks, the blockchain industry made headlines as it engaged in intense discussions with lawmakers after a $28 billion crypto tax reporting proposal...
Chinese banks tell staff to recruit up to 300 new digital yuan users each
Chinese banks have begun a hard sell of digital yuan wallets, asking staff to recruit hundreds of new users each year. According to a translation of a June...
Blockchain.com says ‘Goodbye Big Apple, Hello Miami!’
Major crypto solutions provider Blockchain.com is moving its U.S. headquarters from New York to  Miami in an attempt to spur aggressive growth over the...
US lawmaker introduces bill aimed at protecting 'forked assets' from IRS
Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets.In an...
EOS Jumps 21% In Rally
Investing.com - EOS was trading at $7.7937 by 11:46 (15:46 GMT) on the Investing.com Index on Wednesday, up 20.78% on the day. It was the largest one-day...
Bitcoin bulls attack $57,000 and altcoins rally as April comes to a close
Bitcoin (BTC) and the overall cryptocurrency market sprang to life on April 30 as an uneventful close to this month's $4.2 billion options expiry occurred...
IBM, Alibaba or Bank of America? Here’s Who Filed The Most Blockchain Patents
DLT has become a cornerstone of a rivalry between prima tech and financial titans, IBM, Alibaba, and Bank of America. Two companies are fighting for the...