MNI BRIEF: Republicans Block Committee Vote on Fed Nominees

Republicans on the Senate Banking Committee boycotted a Tuesday vote on the White House’s five nominees for the Federal Reserve, including Jerome Powell, slowing the confirmation process and thwarting the candidacy of President Biden’s pick for Fed vice chair for supervision.

"We will update you all when we have rescheduled," said Senator Sherrod Brown, a Democrat of Ohio and leader of the Senate Banking Committee, specifically citing the FOMC's March meeting. "At this pivotal moment in our economy, everybody understands we need a full [Federal] Reserve Board. This will be the first time in almost a decade we will have all seven members of the Federal Reserve Board, as they step up for the importance of the meeting that is going to happen in March."

All 12 Democrats signaled support for the Fed nominees, but none of the 12 Republicans showed for the scheduled votes. The nominees need to pass the Senate Banking Committee and then go up for a vote before the full Senate. The Fed announced earlier this month Jerome Powell was named by his board colleagues chair pro tempore while he awaits Senate confirmation.