Banking Chair Wants to Expedite Powell, Brainard Confirmations
(Bloomberg) -- The Senate Banking Committee is considering hearings as early as December on the nominations of Federal Reserve Chair Jerome Powell for a second term as leader of the nation’s central bank and the elevation of Fed Governor Lael Brainard to become vice chair.
Sherrod Brown, the panel’s chairman and an Ohio Democrat, said he wants to move quickly on confirming both Fed policymakers, although the exact timing of their hearings isn’t set. Brown said he’d comply with a rule that confirmation hearings come at least two weeks after the White House sends the Senate paperwork formalizing them as President Joe Biden’s selections.
Brown added that he expects the paperwork this week and expressed confidence that both Powell and Brainard would be confirmed by the full Senate, which is now split 50-50 between both parties.
“Both of them are going to be confirmed,” Brown said.
The White House announced the two nominations on Nov. 22, calling it a move to preserve continuity at the Federal Reserve as the central bank grapples with the fastest inflation in three decades and the continuing effects of the coronavirus.
Powell and Treasury Secretary Janet Yellen will testify about the state of the economy before the Banking Committee on Tuesday and then the House Financial Services Committee on Wednesday.
The White House said last week that Biden plans to announce a pick for vice chair for supervision and for two other open seats on the Board of Governors in early December. Brown said he’s expecting all three names soon, but doesn’t know more about the exact timing for those announcements.
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