Senate Banking Panel Delays Vote on Biden Fed Picks Amid GOP Boycott

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Senate Banking Panel Delays Vote on Biden Fed Picks Amid GOP Boycott
Credit: © Reuters.

(Bloomberg) -- The Senate Banking Committee will not vote on President Joe Biden’s nominees to the Federal Reserve board on Wednesday, a committee spokesperson said.

Democratic Senator Sherrod Brown, who chairs the panel, is working to schedule another round of votes as soon as possible and is encouraging Republicans to show up for the vote, according to the spokesperson.

The nominations have been caught up in a dispute over the choice of Sarah Bloom Raskin as vice chair of supervision. Senator Pat Toomey of Pennsylvania, the committee’s top Republican, has said that Raskin must provide more answers about her involvement in fintech company Reserve Trust getting Fed approval for a valuable master account while she was a director at the firm.

Toomey said in an interview Tuesday he had yet to receive satisfactory answers on the matter, and intended to continue a boycott by denying a quorum for a vote.

©2022 Bloomberg L.P.

© Bloomberg. Senator Sherrod Brown, a Democrat from Ohio and chairman of the Senate Banking, Housing, and Urban Affairs Committee, during a hearing in Washington, D.C., U.S., on Tuesday, Feb. 15, 2022. The hearing is examining the President's Working Group on Financial Markets report on stablecoins.

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