MNI BRIEF: Senate Advances Brainard To Final Confirmation Vote

The Senate on Monday advanced President Biden’s nominee Lael Brainard to serve as the Federal Reserve Board’s vice chair, and set up a final confirmation vote Tuesday afternoon.

Senators voted 54-40 to end debate on Lael Brainard’s nomination to be Fed vice chair, with several Republicans crossing party lines to support her nomination. The Senate appears to be on track to confirm Brainard this week.

A cloture vote on a second Fed nominee, Michigan State University's Lisa Cook, is likely to come as early as Tuesday, with votes on Jerome Powell and Philip Jefferson later this week. Biden has also nominated Michael Barr, a former Obama administration financial regulatory official, to serve as Fed vice chair of supervision but the nominee still needs to pass the Senate Banking Committee.