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Fed’s Brainard confirmation set to move step closer, others wait in wings -Breaking

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© Reuters. FILEPHOTO: Federal Reserve Board Governor Lael brainard appears before a Senate Banking Committee hearing about her nomination as vice-chair. This was on Capitol Hill, Washington, U.S.A. on January 13, 2022. REUTERS/Elizabeth Frantz/File Ph

(Reuters) – Lael Brainard is one of the key nominations for President Joe Biden to the Federal Reserve. It’s possible that she, along with three others, could move forward in confirmation Monday.

The U.S. Senate plans to vote on Cloture today at 5:05 PM ET (2130 GMT). Brainard is the current Fed governor who has been nominated as vice chairman of the central bank.

The cloture vote for another Fed nominee, Lisa Cook from Michigan State University, who was nominated to replace a vacant spot on the Board of Directors, may take place as soon as Tuesday.

A confirmation vote for Brainard and her would be possible if they can clear the formal hurdle. They will also receive votes to confirm Jerome Powell, Fed Chair, renominated, and Philip Jefferson, Davidson College’s dean of faculty, who was nominated to a vacant spot on the Board.

They are all expected to vote yes, though Brainard and Cook will have a narrower vote after drawing significant Republican opposition. Jefferson and Cook would be joining a central bank that is preparing to raise interest rates more quickly this year, and draw down its massive balance sheet to combat 40-years of high inflation.

While the Fed raised its interest rate in March, it did so for the first-time in three years. However, rates are still low and currently range between 0.2% and 0.5%. The Fed is expected to increase rates by one-half percent at its next policy meeting which will be held on May 3-4.

Cook, the first Black woman, would serve as the chairperson of the seven-member panel. Jefferson, the fourth Black member, would serve as the chairman. Jefferson, the first person of color, would serve as the fifth Black man.

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