Neil Haggerty

The panel later this month will vote on the nomination of Judy Shelton, whose views on certain policy issues have met with skepticism from both Democrats and Republicans.

The lawmakers argued in a letter to the Federal Reserve that suspending dividend payouts would be the "prudent course of action," allowing banks to build their capital cushions and continue lending during the coronavirus pandemic.

Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms.

The fifth-generation banker, who has already been serving as a central bank governor, was confirmed by the U.S. Senate in a 60-31 vote.

The announcement comes after several news reports that Stephen Moore would not back down from his anticipated nomination to serve on the Fed despite growing concerns from Republican senators.

The bill would require at least one gender diverse and one racially or ethnically diverse candidate to be interviewed for Fed regional bank president vacancies.

The Senate's approval of the Kansas banking commissioner leaves the board with two remaining seats to fill as the administration's nominees for the vacancies await votes.

The Senate approved Richard Clarida as vice chairman of the Federal Reserve on Tuesday, while two other central bank nominees still await a vote.