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Senate Republicans Move To Delay Vote On Biden’s Fed Vice-Chair Nominee

Courtesy of ZeroHedge View original post here.

Following the confirmed reports that President Biden's Fed Vice-Chaor nominee helped an obscure fintech firm obtain an "unusual" degree of access to the Fed's payment system, successfully lobbying the Kansas City Fed in 2018, Republicans are moving to delay the vote on Sarah Bloom Raskin, saying they "need answers".

After initially denying Reserve Trust's request for a master account, the Kansas City Fed approved the company's second request for an account in 2018 after Raskin called and lobbied for them with Quarles.

Bloom Raskin has been facetious about her work for Reserve Trust: Sen. Cynthia Lummis asked Raskin several times whether she had lobbied on behalf of Reserve Trust, but Raskin repeatedly refused to answer that question during her public confirmation hearing.

Senate Minority Leader Mitch McConnell said Tuesday he opposed putting Raskin in a job “with major unilateral power” and urged Biden to find a “better, more mainstream” nominee. McConnell said Raskin has argued openly that unelected Fed governors can declare an ideological war against fossil fuels.

“Fed governors are supposed to be neutral regulators,” he said on the Senate floor.

Senator Pat Toomey's office released the following statement on not proceeding with the Senate Banking Committee's vote in opposition to Sarah Bloom Raskin.

Last week, I told Chairman Brown that Republican Committee members would agree to proceed with a markup on all outstanding nominations except that of Sarah Bloom Raskin. Today, Chairman Brown may choose not to allow votes on the five nominees pending before the committee and for whom he could have advanced the process.

“Ms. 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.

"But whether to proceed with a vote today is a separate question.

Important questions about Ms. Raskin's use of the ‘revolving door' remain unanswered largely because of her repeated disingenuousness with the Committee, from her sloppy questionnaire, to an evasive conversation with Committee staff, to her refusal to answer questions from Senator Lummis at her nomination hearing, and her non-answers in written follow-up questions to the hearing.

"On 36 questions for the record, for example, Ms. Raskin claimed she either did ‘not recall' or was ‘unaware'. Her repeated forgetfulness defies credulity.

“All senators—not just Banking Republicans—deserve straightforward and honest answers from Ms. Raskin before having to cast a vote on her nomination. Her fitness to serve, her judgment, and her probity are of utmost importance because Ms. Raskin is being considered for a 10-year term at the nation's independent central bank and foremost financial regulator. This isn't a garden-variety political appointment.

“Committee Republicans aren't seeking to delay her vote. We're seeking answers. Until basic questions have been adequately addressed, I do not think the Committee should proceed with a vote on Ms. Raskin."

Denying a quorum also would delay confirmation votes on Biden’s other nominees, including Jerome Powell for another term as chair, Lael Brainard as vice chair and Philip Jefferson and Lisa Cook as Fed governors, but Bloomberg reports that, according to two people familiar with the discussions, Republicans hope Democrats will agree to set aside Raskin’s confirmation vote and move forward with the other nominees for now.


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