By Ann Saphir

(Reuters) – U.S. President Joe Biden’s selections for Federal Reserve could face a difficult confirmation process in the divided Senate. Republican Senator Pat Toomey raised doubts Tuesday about whether the nominees represent the country fairly.

Toomey, the Senate Banking Committee’s top Republican, wrote to Biden, “I am writing to raise my concern about the lack of diversity in geographic experience and professional experience” in a letter published by Toomey’s office.

Late last year, Biden renominated Jerome Powell as Fed Chair and chose current Governor Lael brainard to serve as Fed Vice-chair. Biden nominated Sarah Bloom Raskin (former Federal Reserve Governor) to be central bank’s Vice Chair for Supervision, along with two Black economists Lisa Cook, Philip Jefferson and Philip Jefferson to his Board.

These choices would result in the Fed Board’s seven members being the most diverse by gender and race ever.

Toomey stated Tuesday that the difference between professions and regions was not as great.

Toomey wrote that only one is from Michigan State University and all are from Richmond Fed district. The country is covered by 12 Fed districts. He said that most of them are academics.

Toomey was reserved for Raskin’s sharpest remarks, stating that she had “demonstrated hostility” toward the oil-and gas sector and making it “unacceptable”.

Before the Fed nominations can be considered by full Senate, they must first be approved by the banking committee. Brainard and Powell were confirmed earlier in this month.

Toomey stated at that time that he would support Powell’s nomination, but Brainard’s questioning by him and other Republicans suggests a difficult battle for the other nominees.

Toomey published the letter at Powell’s first Fed policy setting meeting for the year. Powell is expected to start to map a path towards higher interest rates, and a smaller balance after two years in which the Fed had been implementing a super-easy monetary policy that was meant to combat the recession pandemic.

DIVERSITY

The Federal Reserve Act requires that only one Fed Governor be elected from each Federal Reserve District. Senators have traditionally accepted many interpretations, according to Kaleb Nygaard (Federal Reserve historian at Yale’s Financial Stability Program), a senior research associate.

In order to make a connection to a Fed District not yet “taken”, some people have needed to go back to childhood and birth. On the basis of Richard Shelby’s residence, Senator Richard Shelby helped to sink Peter Diamond, a Fed nominee.

Nygaard stated that “it’s perfectly appropriate for the Senate and the White House, to ask them to defend their picks basing on geography.” He was referring to the governing legislation.

Sherrod brown, the chair of Senate Banking panel Sherrod Brown anticipates holding confirmation hearings next month for Board seats.