Manchin praises Biden's Fed picks as 'extremely qualified'

Democratic Sen. Joe Manchin praised all five of President Biden’s nominees for the Federal Reserve, an important signal for their confirmations in the 50-50 Senate.

“They all look extremely qualified,” the West Virginia senator, who is a pivotal vote, said Tuesday of the nominees.

Democrats Search For Path Forward On White House Economic Agenda
Senator Joe Manchin, a Democrat from West Virginia, speaks to members of the media outside his office at the Hart Senate Office building in Washington, D.C., U.S., on Tuesday, Jan. 4, 2022. Senate Democrats began their new year seeking a path forward on the White House's stalled domestic economic agenda, hoping to pass a slimmed-down version before midterm election campaigns begin.
Stefani Reynolds/Bloomberg

While Federal Reserve Chair Jerome Powell likely faces easy confirmation to a second term as head of the central bank, other Biden nominees have come in for criticism from GOP senators. Sarah Bloom Raskin, who is nominated for vice chair of supervision, faces opposition from the oil and gas lobby and some Republicans over her view the Fed should act to mitigate the risks from climate change.

Separately, Banking Chair Sherrod Brown of Ohio told reporters he planned to vote in committee on Biden’s Fed picks on Feb. 15.

The committee has a confirmation hearing with Raskin as well as Fed nominees Lisa Cook and Philip Jefferson on Thursday.

Raskin has been meeting with committee members including Jon Tester of Montana to address their concerns ahead of the hearing. Tester, like Manchin a moderate Democrat from a state won by former President Donald Trump, said his meeting with Raskin Monday “went well” and better than he expected. But he said he is waiting for the hearing before making up his mind on whether to support her.

Bloomberg News
Politics and policy Federal Reserve Senate Banking Committee
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