Senate Banking Committee

Senate Democrats plan to hold votes to confirm Lisa Cook’s nomination to be a Federal Reserve governor on Tuesday, they announced Monday night.

Senate Banking Committee Chairman Sherrod Brown said Wednesday that the Senate would wait to confirm President Biden’s Federal Reserve picks until the return of Democrats recovering from the coronavirus.

Senate Majority Leader Chuck Schumer took a procedural step before the Senate leaves for a two-week break seeking to limit debate on Lael Brainard’s nomination for vice chair, as well as Lisa Cook’s nomination for Fed governor when lawmakers return. 

Senate Banking Chairman Sherrod Brown said he and Majority Leader Chuck Schumer are pushing to confirm all four Federal Reserve nominees this week, but doing so will require Republican cooperation.

Senate Banking Chair Sherrod Brown said Thursday he expects a Senate vote next week to confirm President Biden’s Federal Reserve nominees, though the timing may be affected by GOP opposition to Lisa Cook, who would be the first Black woman on the Board of Governors.

The White House is rejecting Republican demands to split up its nominees to the Federal Reserve, with President Biden’s spokeswoman telling GOP lawmakers to show up and vote no on Sarah Bloom Raskin rather than further stalling consideration.

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.

Pat Toomey, the top Republican on the Senate Banking panel, questioned the backgrounds of President Biden’s Federal Reserve picks amid a brewing conflict over diversity at the central bank and its role in dealing with climate change.

The Senate Banking Committee will hold separate hearings next week for Jerome Powell on his nomination to a second term as Federal Reserve chair and for Lael Brainard’s elevation to vice chair.

Senate Banking Committee Chairman Sherrod Brown said Tuesday he has no doubt the Senate would confirm either Federal Reserve Chair Jerome Powell to a second term or his possible successor, Fed Gov. Lael Brainard.

SEC Chairman Gary Gensler signaled he wants to bring greater efficiency and transparency to municipal bond market

Sen. Patrick Toomey, the ranking Republican on the Banking Committee, has argued that research by the Federal Reserve into these topics could result in “mission creep.” Fed officials have said their job includes fostering inclusive economic growth and ensuring the banking system is girded against financial risks posed by climate change.

Republican Senators want municipal aid to be more targeted and avoid "bailouts."

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.

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 Massachusetts senator took aim at certain views expressed by Judy Shelton, a Trump administration pick to sit on the Federal Reserve Board, that have sparked controversy.

Sens. Sherrod Brown, D-Ohio, and Ron Wyden, D-Ore., pressed Stephen Moore for details about reports that he owes more than $75,000 in taxes and failed to pay more than $300,000 in alimony and child support.

The Senate is poised to confirm Kansas Banking Commissioner Michelle Bowman to the Federal Reserve Board. But the nominations for the two other open seats are still in limbo.

The Senate voted 85 to 14 on Wednesday, mostly along party lines, to confirm Republican Elad Roisman to become a member of the Securities and Exchange Commission for a term expiring June 5, 2023.

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