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 July 14, 2023

Senate approves three Biden nominees to the Federal Reserve Board of Governors.

The Senate Banking Committee approved three of President Joe Biden's nominees to the Federal Reserve Board of Governors on Wednesday.

The approval will set up the three nominees for a full Senate vote later this year. The nominees are set to fill key roles but there is a strong likelihood of a contentious fight ahead as the divided Senate debates their confirmations.

Philip Jefferson, Biden’s nominee for vice chair of the Federal Reserve, was unanimously approved and if fully confirmed will have his hands full with a struggling economy.

Lisa Cook, was also narrowly approved for a 14-year term on the Federal Reserve Board by a vote of 13-10. There is a strong chance she could face a tough path to confirmation due to the divided nature of her approval.

The final nominee is Adriana Kugler, a Georgetown University economist who would be the first Hispanic American on the Fed’s interest-rate-setting committee if confirmed by the Senate.

Tough road ahead

Biden's nominees face a tough road to confirmation as the Senate is sharply divided and no matter how non-partisan certain nominees are, they may be used as bargaining chips in bigger schemes.

This presents some serious problems as the Federal Reserve is handling how high interest rates need to rise to counteract inflation without sending the economy into a spiral.

Since March of last year, the Federal Reserve has made 10 consecutive rate hikes that began until last month when the hikes were put on pause.

Jefferson, Kugler, and Cook will all serve critical functions and take part in making decisions on future plans, assuming they survive their Senate confirmations.

In a statement for the nominees, President Biden stated, "These nominees understand that this job is not a partisan one, but one that plays a critical role in pursuing maximum employment, maintaining price stability and supervising many of our nation’s financial institutions."

Inflation woes

President Biden's financial and economic policy has been disastrous and the nation is suffering from record inflation that is crushing budgets and consumer spending.

The President's $1.9 trillion pandemic relief package caused American inflation to hit record highs and did incredibly damage to American's economic holdings.

While inflation has cooled considerably in recent weeks, the cost of living has still not come down and the American dollar's value is noticeably lower than it was under former President Donald Trump.

Considering it was Biden's reckless spending that caused this crisis in the first place, it is questionable if he is capable of picking the right people to right the economy and lower the cost of living.

Written By:
Robert Hoel

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