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U.S. Senate to vote Tuesday to advance Cook’s Fed nomination -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Dr. Lisa DeNell Cook, a Michigan native, is confirmed to the Board of Governors of Federal Reserve System at a confirmation hearing held by the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, Washington, D.C.

By David Morgan

WASHINGTON (Reuters] – Tuesday’s U.S. Senate vote will bring President Joe Biden’s nominee for economist Lisa Cook to Federal Reserve Board of Governors. The crucial procedural move would enable a final vote of confirmation after the Senate Banking Committee was deadlocked on her nomination.

This is to remove Cook from the consideration of the committee. The approval of this resolution may mean that Vice President Kamala Harir must cast a tiebreaking vote in an evenly divided Senate. This would enable Cook’s confirmation vote to go ahead.

On March 16, Republicans in the banking panel declined to endorse Cook (an economics professor from Michigan State University), whom Biden chose to become the first Black woman Fed Governor.

Biden did approve Jerome Powell’s re-nomination as Federal Reserve Chair, promotion of Fed Governor Lael Mindard to Fed vice head, and Philip Jefferson’s nomination to the Fed’s Board. Jefferson is an economist and dean of faculty at Davidson College.

The confirmation votes for Jefferson, Brainard, and Powell are still to be cast. Sarah Bloom Raskin was Biden’s nominated vice-chair for supervision at the Fed. She withdrew her nomination after Republicans blocked a vote and a major Senate Democrat indicated that he did not support her.

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