The Senate voted Tuesday to advance the nomination of economist
Lisa Cook
for a seat on the Federal Reserve’s board, a procedural step required before the full chamber can vote on whether to confirm her for the post.
Ms. Cook, professor of international relations and economics at Michigan State University, received a tie vote in the Senate Banking Committee earlier this month, with all 12 Democrats on the panel backing her nomination and all 12 Republicans opposed.
Under Senate rules, a nominee who receives a tied vote in committee can advance to a vote in the full chamber through a motion by the majority leader. Democrats have 50-50 control of the Senate, with Vice President
Kamala Harris
able to break a tie.
Tuesday’s 50-49 procedural vote to advance Ms. Cook’s nomination could set up a full Senate vote later this week for her and three of President Biden’s other Fed nominees, including Fed Chairman
Jerome Powell,
who advanced through the banking committee earlier this month with a 23-1 vote.
Mr. Biden has also nominated Fed governor
Lael Brainard
to serve as the board’s vice chairwoman and
Philip Jefferson,
an economist and administrator at Davidson College in North Carolina, to serve as a Fed governor.
The confirmation process for the nominations had stalled until earlier this month, when Mr. Biden’s pick for vice chairwoman of bank supervision,
Sarah Bloom Raskin,
withdrew from consideration. Her nomination drew opposition from nearly all Senate Republicans and from Democratic Sen.
Joe Manchin
of West Virginia.
Ms. Cook, who would be the first Black woman to serve on the Fed’s board, has focused her research on policies that promote broad economic opportunity, particularly for racial minorities and women.
Some Republicans suggested at her Feb. 3 hearing that she lacked sufficient experience in macroeconomics in monetary policy, a claim she countered by highlighting her research experience and work at the Treasury Department and on the White House Council of Economic Advisers.
Sen.
Pat Toomey
(R., Pa.), in remarks on the Senate floor on Tuesday opposing the vote to advance Ms. Cook’s nomination, said her confirmation hearing last month led him to believe she would be inclined to resist tighter monetary policy to bring down inflation. “Professor Cook’s answers to basic questions about what the Fed should do to tame inflation amount to nothing more than word salad,” said Mr. Toomey.
Democrats rallied behind Ms. Cook’s candidacy on Tuesday. “I’m thrilled by this nomination,” said Senate Banking Committee Chairman
Sherrod Brown
(D., Ohio). “She’s seen how the economy works—and sometimes doesn’t work so well—for all kinds of different people in different parts of the country…That’s an unusual thing for a Fed governor.”
Write to Nick Timiraos at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
