Schumer tees up Fed confirmation votes for late April

Senate Majority Leader Chuck Schumer on Thursday teed up two of President Biden’s four Federal Reserve Board nominees for votes by the full chamber later this month. 

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 Majority Leader Chuck Schumer, a Democrat from New York, speaks during a news conference following the weekly Democratic caucus luncheon at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, April 5, 2022. Senate Democrats and Republicans struck a deal to provide $10 billion for Covid-19 vaccines and therapeutics after Democrats pulled a last-minute attempt to include global vaccination funds in the bill.

Eric Lee/Bloomberg

Biden’s other two nominees — Jerome Powell for another term as Fed chair and Philip Jefferson for Fed governor — have widespread support and may not need to face attempts by Republicans to extend debate. Banking Committee Chairman Sherrod Brown said he expects all four nominees to be confirmed shortly after the Senate returns on April 25. The Ohio Democrat said he also hopes Biden will have nominated a new vice chair of supervision by then.

Brown said he expects Cook or Brainard to be the first to be confirmed. Republicans have lined up in opposition to Cook, but four Republicans backed Brainard in the Banking Committee.

Jefferson and Powell would go last, Brown said. Jefferson had unanimous support on the Banking Committee, while Powell was opposed only by progressive Democrat Elizabeth Warren.