Senate Republicans Plan To Boycott Vote On Biden’s Federal Reserve Nominees

Even as Republicans hammer President Joe Biden on not doing enough to address inflation, GOP senators plan to block a committee vote Tuesday on President Joe Biden’s five nominees for the Federal Reserve.

Sen. Pat Toomey (R-Pa.), the committee’s ranking member, has been a vocal critic of approving Sarah Bloom Raskin as the Fed’s vice chair of supervision. She was deputy treasury secretary under Obama and previously served on the Fed’s Board of Governors.

But what Republicans most object to is her advocacy for the Fed to be more proactive in addressing the financial risks posed by climate change. In a letter to Biden on Jan. 25, Toomey said Raskin had a “demonstrated hostility” to the oil and gas sector.

On Tuesday, Toomey accused Raskin of being “repeatedly disingenuous” with the committee, including giving “sloppy” answers to senators and refusing to answer questions.

“Committee Republicans aren’t seeking to delay her vote,” he said in a statement. “We’re seeking answers. Until basic questions have been adequately addressed, I do not think the Committee should proceed with a vote on Ms. Raskin.”

Toomey also told reporters that he’d be happy to allow votes on every nominee except Raskin, but that it’s up to Sen. Sherrod Brown (D-Ohio), the committee’s chair, on whether he would be willing to separate them.

“We’re not going to play that game. We’re going to bring all five of them up,” Brown told reporters.

In a statement, he added that Toomey “chose to abdicate his duty to the American people and put our economic recovery at risk, instead of doing his job and showing up to vote.”

A Democratic spokesperson for the committee added that Toomey’s move “will just mean a delay, not an outright defeat for any of these noms.”

Four other nominees are also up for a vote Tuesday: Philip Jefferson and Lisa Cook for seats on the Fed board, Lael Brainard as vice chair, and Jerome Powell for another term as chair.

Republicans launched a racist smear campaign against Cook, a professor of economics and international relations who has also served in government, calling her unqualified for the job. If confirmed, she would be the first Black woman on the Fed’s Board of Governors.

On Tuesday, Brown said he and Toomey agreed to the date for the vote three weeks ago.

“Americans depend on us to get these nominees on the job as soon as possible,” he added. “If my colleagues are as concerned about inflation as they claim to be, they will end the theatrics and show up today to do their jobs for the American people. Any actions to delay this vote will hurt workers, their families, and our recovery.”