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MNI BRIEF: Four of Biden's Fed Picks Head For Full Senate Vote

WASHINGTON (MNI)

A key Senate committee Wednesday voted to advance the nominations of Jerome Powell, Lael Brainard, Lisa Cook and Philip Jefferson to serve on the Federal Reserve Board, bringing full Senate consideration one step closer.

President Biden's four nominees to the Fed, including Jerome Powell, are largely expected to be confirmed, but no votes for the full Senate are currently scheduled. The Biden administration's pick for vice chair for supervision, Sarah Bloom Raskin, bowed out of the running Tuesday when Republicans and a key Democrat voiced opposition to her.

The delayed confirmations have had no impact on the path of monetary policy, Powell said earlier Wednesday, while kicking off a post-pandemic tightening cycle with a quarter-point interest rate increase.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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