Banking Committee Clears Nominees for Fed Board, FHFA

The Senate Banking Committee tonight approved President Biden’s Federal Reserve nominees, including sitting governors Jerome Powell, who has been nominated to serve a second term as Fed chairman, and Lael Brainard, who has been nominated to serve as vice chairwoman, as well as Lisa Cook and Philip Jefferson, who were nominated to serve as governors.

Sarah Bloom Raskin, the president’s nominee to serve as vice chairwoman for supervision, withdrew her nomination earlier this week after failing to secure support from several key lawmakers.

The Banking Committee also approved the nomination of Federal Housing Finance Agency Acting Director Sandra Thompson to lead the agency.