Senate Hearings on Fed Nominees, Biden Nominates Bloom Raskin for Vice-Chair of Supervision

Earlier this month, the Senate Banking Committee held two hearings to consider the nominations of Federal Reserve Chair Jerome Powell to serve a second term as Chair of the Federal Reserve Board of Governors and Dr. Lael Brainard to serve as Vice-Chair of the Federal Reserve Board. The topics at both hearings focused heavily on inflation, price increases, supply chain issues, and employment data. Banking Committee Chairman Sherrod Brown (D-OH) questioned Chair Powell about the Financial Stability Oversight Council’s Climate Report and the implementation of climate related stress tests. Throughout the hearing, bipartisan support was voiced for Chair Powell to continue serving in his role as Chairman. While both nominees are likely to be confirmed, timing at this point is uncertain due to the Senate schedule. Meanwhile, on January 14, President Biden announced Sarah Bloom Raskin as his nominee to replace former Vice-Chair of Supervision Randall Quarles. Raskin, an independent director on the Vanguard funds board,  has previously served as both the Deputy Secretary of the U.S. Department of the Treasury and as a Governor of the Federal Reserve Board. She currently is the Colin W. Brown Distinguished Professor of the Practice of Law at the Duke University School of Law as well as the board of trustees of Amherst College. President Biden also announced the nominations of Lisa Cook and Philip Jefferson to serve on the Board of Governors of the Federal Reserve System.

Click here to read Chair Powell’s written testimony.

Click here to read Governor Brainard’s written testimony.