Biden’s Fed Nominees Advanced by Senate Panel — Minus Raskin
Ms. Raskin withdrew her nomination Tuesday after Senator Manchin said he would vote against her on the Senate floor. With the Senate divided 50-50, and all Republicans opposed, Mr. Manchin’s opposition left Ms. Raskin with no path to confirmation.
WASHINGTON — The Senate Banking Committee approved Jerome Powell’s nomination to a second four-year term as chairman of the Federal Reserve Wednesday, just hours after the central bank began what will be a difficult effort to combat inflation.
Fed governor Lael Brainard was also approved to serve as the Fed’s vice chair, and the committee endorsed Philip Jefferson, an economist and dean at Davidson College in North Carolina. All three will now be considered by the full Senate. Lisa Cook, an economist at Michigan State, also advanced to the full Senate on a tie vote in the committee.
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