{"id":1093407,"date":"2021-12-07T08:14:25","date_gmt":"2021-12-07T13:14:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1093407"},"modified":"2021-12-07T08:14:27","modified_gmt":"2021-12-07T13:14:27","slug":"republicans-will-come-out-swinging-against-bidens-progressive-fed-nominee","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-will-come-out-swinging-against-bidens-progressive-fed-nominee\/","title":{"rendered":"Republicans Will Come Out Swinging Against Biden\u2019s Progressive Fed Nominee"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frepublicans-will-come-out-swinging-against-bidens-progressive-fed-nominee%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1093407&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Senate Republicans are gearing up to prevent the confirmation of President Biden\u2019s choice for vice chairwoman of the Federal Reserve Board of Governors.&nbsp;<\/p>\n<p>Progressives have been pressuring Biden to <a href=\"https:\/\/www.dailywire.com\/news\/jerome-powell-tapped-for-second-fed-chair-term\">select<\/a> Lael Brainard \u2014 who served as Under Secretary of the Treasury for International Affairs during the Obama administration and is currently a member of the Fed\u2019s Board of Governors \u2014 as the next chair of the Federal Reserve. In what appears to be a compromise, Biden instead tapped current Fed Chair Jerome Powell for a second term, while elevating Brainard to vice chairwoman.<\/p>\n<p>Conservative lawmakers, however, are nevertheless planning to combat Brainard\u2019s \u201cheavier regulatory hand,\u201d explained a report from <a href=\"https:\/\/www.foxbusiness.com\/economy\/republicans-to-fight-lael-brainards-fed-vice-chair-nomination\">Fox Business<\/a>:<\/p>\n<p>According to sources familiar with the plan, Republicans will focus on raising concerns that Brainard may try to expand the Federal Reserve\u2019s narrow purview to include action on progressive policies if appointed to the number two post.&nbsp;<\/p>\n<p>Aides say they plan to hone in on Brainard\u2019s advocacy surrounding climate change and what Republicans are calling \u201cwoke\u201d activism. One sticking point is fears that Brainard could advance progressives\u2019 goal of using regulatory tools to force banks to stop lending to fossil fuel companies after she said the Fed should \u201cassess the resilience of individual financial institutions and the financial system to\u201d climate risks\u2026<\/p>\n<p>Another area of concern comes after Brainard signaled support for using a central bank digital currency to create retail bank accounts at the Federal Reserve for Americans. Critics say that proposal would give the central bank too much control over personal finances and politicize the independent institution.<\/p>\n<p>\u201cShe has been an advocate for a heavier regulatory hand than I think is appropriate,\u201d Senate Banking, Housing, and Urban Affairs Committee Ranking Member Pat Toomey (R-PA) told the outlet last month. \u201cShe\u2019s also encouraged the Fed to what is, in my view, stray out of its really narrow mandate requirement and venture into areas like social justice and climate issues that I don\u2019t think are the proper purview of the Fed.\u201d<\/p>\n<p>Brainard is not the only progressive favorite being <a href=\"https:\/\/www.dailywire.com\/news\/to-the-left-of-lenin-elizabeth-warren-associate-may-serve-as-top-fed-official\">considered<\/a> by Democrats for a key policymaking slot at the nation\u2019s central bank.<\/p>\n<p>According to a <a href=\"https:\/\/www.cnbc.com\/2021\/11\/30\/elizabeth-warren-ally-richard-cordray-under-discussion-for-fed-bank-supervisor.html\">CNBC<\/a> report, Sen. Sherrod Brown (D-OH) has \u201cspoken to the Biden administration\u201d about choosing Richard Cordray\u2014 a longtime ally of Sen. Elizabeth Warren (D-MA) \u2014 as the Fed\u2019s vice chair for supervision. <a href=\"https:\/\/www.wsj.com\/articles\/white-house-considering-richard-cordray-as-top-fed-banking-regulator-11638285603\">The Wall Street Journal<\/a> describes the position as \u201cthe government\u2019s most influential overseer of the U.S. banking system.\u201d<\/p>\n<p>Should he be nominated, Republican lawmakers are likely preparing to expose Cordray\u2019s left-wing leanings.<\/p>\n<p>\u201cRichard Cordray\u2019s disastrous and divisive tenure at the CFPB raises serious questions about how he might undermine the Fed\u2019s independence and nonpartisan reputation,\u201d Toomey told <a href=\"https:\/\/www.axios.com\/gop-warns-cordray-fed-f62ad05a-8de0-48a2-b0be-d310c7dae364.html\">Axios<\/a>. \u201cThis is the individual who helped Elizabeth Warren stand up an agency so unaccountable the Supreme Court took away its independent status. I\u2019d hope the White House considers less divisive figures for this role.\u201d<\/p>\n<p>Or, in the more succinct words of Sen. John Kennedy (R-LA), as recorded by <a href=\"https:\/\/www.wsj.com\/articles\/white-house-considering-richard-cordray-as-top-fed-banking-regulator-11638285603\">The Wall Street Journal<\/a>: \u201cI like Richard. I respect Richard. Richard is to the left of Lenin.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senate Republicans are gearing up to prevent the confirmation of President Biden\u2019s choice for vice chairwoman of the Federal Reserve Board of Governors.\u00a0Progressives have been pressuring Biden to select Lael Brainard \u2014 who served as Under Secretary of the Treasury for International Affairs during the Obama administration and is currently a member of the Fed\u2019s Board of Governors \u2014 as the next chair of the Federal Reserve. In what appears to be a compromise, Biden instead tapped current Fed Chair Jerome Powell for a second term, while elevating Brainard to vice chairwoman.Conservative lawmakers, however, are nevertheless planning to combat Brainard\u2019s \u201cheavier regulatory hand,\u201d explained a report from Fox Business:According to sources familiar with the plan, Republicans will focus on raising concerns that Brainard may try to expand the Federal Reserve\u2019s narrow purview to include action on progressive policies if appointed to the number two post.\u00a0Aides say they plan to hone in on Brainard\u2019s advocacy surrounding climate change and what Republicans are calling \u201cwoke\u201d activism. One sticking point is fears that Brainard could advance progressives\u2019 goal of using regulatory tools to force banks to stop lending to fossil fuel companies after she said the Fed should \u201cassess the resilience of individual financial institutions and the financial system to\u201d climate risks\u2026Another area of concern comes after Brainard signaled support for using a central bank digital currency to create retail bank accounts at the Federal Reserve for Americans. Critics say that proposal would give the central bank too much control over personal finances and politicize the independent institution.\u201cShe has been an advocate for a heavier regulatory hand than I think is appropriate,\u201d Senate Banking, Housing, and Urban Affairs Committee Ranking Member Pat Toomey (R-PA) told the outlet last month. \u201cShe\u2019s also encouraged the Fed to what is, in my view, stray out of its really narrow mandate requirement and venture into areas like social justice and climate issues that I don\u2019t think are the proper purview of the Fed.\u201dBrainard is not the only progressive favorite being considered by Democrats for a key policymaking slot at the nation\u2019s central bank.According to a CNBC report, Sen. Sherrod Brown (D-OH) has \u201cspoken to the Biden administration\u201d about choosing Richard Cordray\u2014 a longtime ally of Sen. Elizabeth Warren (D-MA) \u2014 as the Fed\u2019s vice chair for supervision. The Wall Street Journal describes the position as \u201cthe government\u2019s most influential overseer of the U.S. banking system.\u201dShould he be nominated, Republican lawmakers are likely preparing to expose Cordray\u2019s left-wing leanings.\u201cRichard Cordray\u2019s disastrous and divisive tenure at the CFPB raises serious questions about how he might undermine the Fed\u2019s independence and nonpartisan reputation,\u201d Toomey told Axios. \u201cThis is the individual who helped Elizabeth Warren stand up an agency so unaccountable the Supreme Court took away its independent status. I\u2019d hope the White House considers less divisive figures for this role.\u201dOr, in the more succinct words of Sen. John Kennedy (R-LA), as recorded by The Wall Street Journal: \u201cI like Richard. I respect Richard. Richard is to the left of Lenin.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1093407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1093407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1093407"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1093407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1093407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1093407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1093407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}