MNI BRIEF: Sen Toomey Casts Doubt Over Fed Noms Cook, Raskin

Ranking member of the Senate Banking Committee, Pat Toomey, cast doubt on two of President Joe Biden's nominees for the Federal Reserve board at the conclusion of a hearing Thursday, signaling a difficult confirmation path for Sarah Bloom Raskin and Lisa Cook.

Michigan State University economist Cook has not provided a "clear response" on how the Fed would fight inflation, while former Fed Governor Raskin would make an effort to "allocate capital away from the heavily carbon-emitting parts of our economy" by advancing climate change risk analyses for banks, he said.

Toomey said he will support the nomination of Davidson College economist Philip Jefferson.

The committee is expected to vote on the nominees Feb. 15, with a full Senate vote to follow.