{"id":1267060,"date":"2022-02-02T22:08:00","date_gmt":"2022-02-03T03:08:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1267060"},"modified":"2022-02-02T22:08:07","modified_gmt":"2022-02-03T03:08:07","slug":"senate-banking-committee-prepares-for-showdown-over-fed-nominees","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-banking-committee-prepares-for-showdown-over-fed-nominees\/","title":{"rendered":"Senate Banking Committee Prepares For Showdown Over Fed Nominees"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/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%2Fsenate-banking-committee-prepares-for-showdown-over-fed-nominees%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=1267060&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--><div><\/div>\n<ul>\n<li><strong>Sarah Bloom Raskin, Lisa Cook and Philip Jefferson were each appointed on Jan. 14. to serve on the Federal Reserve System\u2019s Board of Governors.<\/strong><\/li>\n<li><strong>Democratic Chairman of the Senate Banking Committee Sen. Sherrod Brown maintains that \u201cwe\u2019re going to confirm all three of them,\u201d while Sen. Kevin Cramer contends that \u201cNo, I don\u2019t think it will be a bipartisan confirmation process. My hope is that we fight like heck as Republicans to get some moderate Democrats on board and stop one or two of these.\u201d<\/strong><\/li>\n<li><b>Facing renewed uncertainty due to Democratic Sen. Ben Luj\u00e1n suffering a stroke and thus being unable to vote, the committee will nonetheless convene to grill the trio of nominees Thursday morning.<\/b><\/li>\n<\/ul>\n<p>Three of President Joe Biden\u2019s picks to regulate the banking industry will be grilled in front of the Senate on Thursday amid partisan tensions and looming questions over their respective qualifications.<\/p>\n<p>Sarah Bloom Raskin, Lisa Cook and Philip Jefferson were each <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/01\/14\/president-biden-nominates-sarah-bloom-raskin-to-serve-as-vice-chair-for-supervision-of-the-federal-reserve-and-lisa-cook-and-philip-jefferson-to-serve-as-governors\/\" target=\"_blank\" rel=\"noopener noreferrer\">appointed<\/a> on Jan. 14. to serve on the Federal Reserve System\u2019s Board of Governors. They will now <a href=\"https:\/\/www.banking.senate.gov\/hearings\/01\/25\/2022\/nomination-hearing\" target=\"_blank\" rel=\"noopener noreferrer\">face<\/a> questioning from the Senate Banking Committee on Feb. 3, <a href=\"https:\/\/www.reuters.com\/article\/marketsNews\/idUSL1N2UC2NP?il=0\" target=\"_blank\" rel=\"noopener noreferrer\">followed<\/a> by a full Senate vote on Feb. 15.<\/p>\n<p>Their fates are yet uncertain. Democratic Chairman of the Senate Banking Committee Sen. Sherrod Brown maintains that \u201cwe\u2019re going to confirm all three of them,\u201d while Sen. Kevin Cramer <a href=\"https:\/\/twitter.com\/SenKevinCramer\/status\/1487100659836932097?s=20&amp;t=wN3rupO4dB9uRy3wyix57w\" target=\"_blank\" rel=\"noopener noreferrer\">contends<\/a> that \u201cNo, I don\u2019t think it will be a bipartisan confirmation process. My hope is that we fight like heck as Republicans to get some moderate Democrats on board and stop one or two of these.\u201d<\/p>\n<p>The vector of attack from the Republicans varies for each nominee.<\/p>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201cI have on solid sourcing at least one Republican US Senator will ask [Lisa Cook] to explain her CV,\u201d <a href=\"https:\/\/twitter.com\/Claudia_Sahm\/status\/1488139880676958209?s=20&amp;t=kfOk3JMFOjhQfWhtu0fc3g\" target=\"_blank\" rel=\"noopener noreferrer\">writes<\/a> Claudia Sahm, director of macroeconomic research at the Jain Family Institute. \u201cShe is going to get asked by a US Senator about her CV because of [the Daily Caller News Foundation],\u201d <a href=\"https:\/\/twitter.com\/Claudia_Sahm\/status\/1487963896853979138?s=20&amp;t=kfOk3JMFOjhQfWhtu0fc3g\" target=\"_blank\" rel=\"noopener noreferrer\">wrote<\/a> Sahm in another tweet, once again referring to a DCNF investigation that found many economists view Cook as unqualified. <strong><a href=\"https:\/\/dailycaller.com\/2022\/01\/20\/bidens-fed-nominee-lisa-cook-criticized-for-being-unqualified-embellishing-resume\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Biden\u2019s Fed Nominee Lisa Cook Criticized For Being Unqualified, Embellishing Resume)<\/a><\/strong><\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">It\u2019s extremely disappointing to see the negativity re: <a href=\"https:\/\/twitter.com\/drlisadcook?ref_src=twsrc%5Etfw\">@drlisadcook<\/a>\u2019s Fed Board nomination. Unfortunately, as a black female economist myself, I\u2019m not surprised that her historic nomination as the first Black woman to serve as governor comes w\/ such unfair &amp; relentless criticism.<\/p>\n<p>\u2014 Michelle Holder (@mlholder999) <a href=\"https:\/\/twitter.com\/mlholder999\/status\/1485740982159253504?ref_src=twsrc%5Etfw\">January 24, 2022<\/a> <\/p>\n<\/blockquote>\n<p>Following the DCNF investigation, Cook was criticized and praised to varying degrees by her peers, including at least two winners of the Nobel Memorial Prize in Economic Sciences, <a href=\"https:\/\/twitter.com\/JosephEStiglitz\/status\/1485313694066253828\" target=\"_blank\" rel=\"noopener noreferrer\">Joseph Stiglitz<\/a> and <a href=\"https:\/\/twitter.com\/paulmromer\/status\/1488938625358307331?s=20&amp;t=gIYRnhLoi_-yf4Gf6xOigA\" target=\"_blank\" rel=\"noopener noreferrer\">Paul Romer<\/a>. Sen. Elizabeth Warren <a href=\"https:\/\/www.huffpost.com\/entry\/lisa-cook-federal-reserve-nominee-racist-criticism_n_61f367eee4b02de5f516fa2a\" target=\"_blank\" rel=\"noopener noreferrer\">says<\/a> that \u201cthe attacks are racist, sexist and just plain dumb.\u201d<\/p>\n<p>Contrasting Warren\u2019s accusation of racism is Patrice Onwuka, a senior policy analyst at Independent Women\u2019s Voice, who <a href=\"https:\/\/www.iwv.org\/2022\/01\/independent-womens-voice-opposes-biden-administration-nominees-to-federal-reserve-board\/\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> that \u201cLisa Cook would push the Fed to pursue a divisive, unproven racial justice agenda that prioritizes equity \u2014 not equality \u2014 at a time when society aims to root out race-based discrimination.\u201d<\/p>\n<p>Media outlets such as <a href=\"https:\/\/www.foxbusiness.com\/politics\/biden-fed-nominee-hyperpartisan-republicans\" target=\"_blank\" rel=\"noopener noreferrer\">Fox<\/a>, <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2022\/01\/28\/two-political-activists-nominated-to-federal-reserve\/\" target=\"_blank\" rel=\"noopener noreferrer\">Washington Post<\/a>, <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/biden-fed-nominee-faces-grilling-over-reparations-and-police-reform\" target=\"_blank\" rel=\"noopener noreferrer\">Washington Examiner<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-02\/first-black-woman-fed-nominee-lisa-cook-draws-gop-critics-over-academic-research\" target=\"_blank\" rel=\"noopener noreferrer\">Bloomberg<\/a>, <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/01\/31\/biden-fed-nominee-has-history-of-black-lives-matter-bullying-support-for-reparations\/\" target=\"_blank\" rel=\"noopener noreferrer\">Breitbart<\/a>, <a href=\"https:\/\/www.huffpost.com\/entry\/lisa-cook-federal-reserve-nominee-racist-criticism_n_61f367eee4b02de5f516fa2a\" target=\"_blank\" rel=\"noopener noreferrer\">Huffington Post<\/a>, <a href=\"https:\/\/www.wsj.com\/articles\/fed-nominee-has-studied-how-policies-affect-economic-opportunities-11643711408\" target=\"_blank\" rel=\"noopener noreferrer\">Wall Street Journal<\/a>, <a href=\"https:\/\/www.cnbc.com\/2022\/02\/02\/who-is-lisa-cook-historic-federal-reserve-nominee-faces-senate-hearing.html\" target=\"_blank\" rel=\"noopener noreferrer\">CNBC<\/a> and <a href=\"https:\/\/www.ft.com\/content\/33bb8e9c-ca6d-4e81-8af0-5f59727f5655\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Times<\/a> have covered the unfolding battle extensively. Various reports have highlighted Cook\u2019s purported \u201cactivist\u201d stance, including her previous support for reparations. <strong><a href=\"https:\/\/dailycaller.com\/2022\/02\/02\/lisa-cook-federal-reserve-board-nominee-joe-biden-block-committee-twitter\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: \u2018Hyper-Partisan\u2019 Fed Nominee Blocks Senate Banking GOP On Twitter)<\/a><\/strong><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">For years, Prof. Cook has used her Twitter account to engage in partisan political fights, taking extreme Left-wing positions on issues, especially noneconomic topics. Regardless of the merits, those are issues to be decided by elected officials who are accountable to voters.<\/p>\n<p>\u2014 Senate Banking GOP (@BankingGOP) <a href=\"https:\/\/twitter.com\/BankingGOP\/status\/1488136598420086784?ref_src=twsrc%5Etfw\">January 31, 2022<\/a> <\/p>\n<\/blockquote>\n<p>\u201cI could list at least 200 macroeconomists in the U.S. better qualified than she is for the job,\u201d an anonymous macroeconomics professor at a top 10 ranked economics department told the DCNF. \u201cEven conditional on being an African American female, <a href=\"https:\/\/som.yale.edu\/faculty\/heather-e-tookes\" target=\"_blank\" rel=\"noopener noreferrer\">Heather Tookes<\/a> is much more accomplished, both in terms of publications and citations.<\/p>\n<p>\u201cIf Tookes were the nominee, I would have said: \u2018well, maybe a bit young, but let\u2019s take a chance.\u2019 Nominating someone like Tookes is helping to diversity the Fed respecting merit. Cook is just a political operative,\u201d the professor added.<\/p>\n<p>The professor explained to the DCNF that they are \u201cafraid to speak up\u201d along with their colleagues, and opted to remain anonymous.<\/p>\n<p>\u201cMost of my colleagues are as afraid to speak up as I am (some will support Cook\u2019s candidacy publically to show how \u201cprogressive\u201d they are, but they do not believe their own words) \u2026 this is a testament to the totalitarian situation of the current top U.S. universities,\u201d the professor said. \u201cWe are forced to use the same methods to protect ourselves as my Chinese students to avoid the secret police back in China. I would not be sent to be punished physically, but my life would be so difficult that it would be too much of a burden.\u201d<\/p>\n<p>Whereas criticisms of Cook are broad, critics of Bloom Raskin have tended to narrowly focus on her purported hostility towards the energy industry.<\/p>\n<p>\u201cMy biggest concern is with Sarah Raskin and the nature of that concern is her longstanding, repeated, explicit and recent advocacy for the financial regulators generally and the Fed in particular to allocate credit specifically away from fossil-fuel-burning industries because she thinks the risk from climate change is so imminent that that\u2019s necessary,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-02\/toomey-previews-tough-questioning-for-fed-nominees-raskin-cook?utm_content=business&amp;utm_source=twitter&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;cmpid=socialflow-twitter-business\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> Sen. Pat Toomey in an interview on Wednesday.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">President Biden nominated Sarah Bloom Raskin to the Fed. She has a confirmation hearing this Thursday. Republicans, led by Pat Toomey, are already attacking her. How did she spend her Sunday? Performing a day of service in honor of her late son, Tommy. <a href=\"https:\/\/t.co\/8HJwmsrF4X\">https:\/\/t.co\/8HJwmsrF4X<\/a><\/p>\n<p>\u2014 Adam Jentleson \ud83c\udf88 (@AJentleson) <a href=\"https:\/\/twitter.com\/AJentleson\/status\/1487920858614091783?ref_src=twsrc%5Etfw\">January 30, 2022<\/a> <\/p>\n<\/blockquote>\n<p>Toomey\u2019s concerns echo those of 25 state financial officers, who <a href=\"https:\/\/dailycaller.com\/2022\/01\/31\/states-financial-officers-joe-biden-climate-change-policies\/\">wrote<\/a> to Biden on Monday urging him to withdraw Raskin from consideration. <a href=\"https:\/\/dailycaller.com\/2022\/01\/27\/chamber-of-commerce-signals-opposition-to-latest-biden-nominee-sarah-bloom-raskin\/\" target=\"_blank\" rel=\"noopener noreferrer\">(<strong>RELATED: Chamber Of Commerce Signals Opposition To Latest Biden Fed Nominee Sarah Bloom Raskin)<\/strong><\/a><\/p>\n<p>\u201cI was searching in vain for deep knowledge of monetary economics or monetary policy expertise in these people\u2019s backgrounds,\u201d Geert Bekaert, a professor of finance and economics at Columbia University, told the DCNF. \u201cI thought monetary policy was supposed to be independent of politics, but these seem 100% political nominations.\u201d<\/p>\n<p>Lost in all the partisan fighting over Cook and Bloom Raskin is Jefferson, who is widely seen as eminently qualified and apolitical. He has received little to no criticism in the week leading up to his confirmation hearing. \u201cI don\u2019t think there\u2019s a partisan bone in his body,\u201d <a href=\"https:\/\/twitter.com\/NickTimiraos\/status\/1482014359173935106\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> Kevin Hassett, former President Donald Trump\u2019s Council of Economic Advisers chair, in reference to Jefferson. \u201cHe\u2019s going to be an easy confirm.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">.<a href=\"https:\/\/twitter.com\/aduehren?ref_src=twsrc%5Etfw\">@aduehren<\/a> takes a look at Philip Jefferson, one of Biden\u2019s nominees for the Fed Board: \u201cCurrent and former colleagues of Mr. Jefferson describe him as a consensus-oriented, largely apolitical economist with deep knowledge of monetary policy.\u201d<a href=\"https:\/\/t.co\/QaSd1ebztp\">https:\/\/t.co\/QaSd1ebztp<\/a><\/p>\n<p>\u2014 chrismeagher46 (@chrismeagher46) <a href=\"https:\/\/twitter.com\/chrismeagher46\/status\/1488146315477463040?ref_src=twsrc%5Etfw\">January 31, 2022<\/a> <\/p>\n<\/blockquote>\n<p>CBS News <a href=\"https:\/\/www.cbsnews.com\/news\/ben-ray-lujan-stroke-senate-return-4-6-weeks\/\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a> that Sen. Ben Luj\u00e1n, who suffered a stroke on Jan. 27, won\u2019t return to work for another four to six weeks. Until then, Senate Democrats have lost their majority in the Senate and now lack the votes needed to confirm any nominees on their own.<\/p>\n<p>\u201cIt\u2019s just a reminder that in a 50-50 Senate any unexpected development could be a challenge to our moving forward on an agenda that the Democratic caucus shares,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-02\/democrats-get-harsh-reminder-of-fragile-grip-with-senator-ailing\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> Sen. Chris Coons.<\/p>\n<p>Facing renewed uncertainty on the eve of the confirmation hearing, the Senate Banking Committee will nonetheless convene Thursday morning.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sarah Bloom Raskin, Lisa Cook and Philip Jefferson were each appointed on Jan. 14. to serve on the Federal Reserve System\u2019s Board of Governors. Democratic Chairman of the Senate Banking &#8230;<\/p>\n","protected":false},"author":1,"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-1267060","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\/1267060","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1267060"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1267060\/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=1267060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1267060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1267060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}