May 26, 2022

White House lashes out at Senate Republicans over their block of Biden nominees for the Federal Reserve

The White House had harsh words for Senate Republicans who have been boycotting committee hearings for President Joe Biden’s Federal Reserve picks, according to The Washington Examiner

Republicans on the committee have made their stance clear, that the 40-year-high consumer price hikes is a priority issue for their constituents, and they don’t care for the president’s pick for the position. 

Press secretary Jen Psaki spoke for the White House and criticized the GOP senators who blocked the nominations of Jerome Powell to serve as chairman as well as Lael Brainard as vice chairwoman.

Additionally, Republicans blocked Sarah Bloom Raskin as vice chairwoman of supervision, and Lisa Cook and Philip Jefferson as members of the Board of Governors by not attending committee votes on Tuesday, which, had they complied, would have advanced the nominations to the Senate floor.

“This is in a very extreme step. That’s totally irresponsible in our view,” she told reporters. “It’s never been more important to have confirmed leadership at the Fed to help continue our recovery and fight inflation, and obviously they have a unique role to play — an important, vital role to play as it relates to inflation.”

Republicans considered the “sticker shock” “a huge issue” but are “not even bothering to show up to even vote against these nominees to the Federal Reserve,” Psaki said.

“What message is that sending to the American public?” she questioned, specifically defining Raskin, describing her as “one of the most qualified individuals to ever be nominated to the Federal Reserve.”

“She’s made the strongest ethics commitments in the history of the Fed, even as she’s made extensive disclosures to the banking committee as a natural part of the process,” she said.

On the Republican side, however, Pennsylvania’s Sen. Patrick Toomey has argued that “Raskin’s repeated and forceful advocacy for having the Federal Reserve allocate capital and choke off credit to disfavored industries is alone disqualifying and reason enough to vote against her.”

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