Vote on Biden Fed picks delayed as GOP presses for answers on Raskin's ties to firm

9 months ago

Chairman Sherrod Brown (D-OH) questions Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, September 28, 2021.

Kevin Dietsch | Pool | Reuters

Sen. Sherrod Brown, the chairman of the Senate Banking Committee, said Tuesday afternoon that the committee will delay its votes on five of President Joe Biden's nominees to the Federal Reserve as Republicans protest the candidacy of Sarah Bloom Raskin.

The Banking Committee had been scheduled to vote on whether to recommend Raskin and four of the president's other picks to lead the Fed, but could not reach a necessary quorum without Republican attendance.

"I will delay votes on these nominees. We will update you when we've rescheduled," Brown said Tuesday afternoon. "Republicans have walked out on the American people."

Committee Ranking member Sen. Pat Toomey of Pennsylvania announced earlier in the day that the GOP would boycott the nomination vote thanks to their ongoing concerns about Raskin's prior work for Reserve Trust, a fintech firm she worked for shortly after leaving the Obama administration.

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