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Tags: banking | federal reserve | joe biden | nominees

Sen. Toomey Knocks Biden's Fed Nominees for Lack of Experience

Pat Toomey speaking
Sen. Pat Toomey, R-Pa., at a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., on Sept. 28, 2021. (Kevin Dietsch/Getty Images)

By    |   Wednesday, 26 January 2022 05:55 AM EST

Sen. Pat Toomey, R- Pa., the ranking member on the Senate banking committee, is questioning President Joe Biden's pick of Federal Reserve Board of Governors nominees' experience.

"I write to express my concerns with the significant lack of diversity in geography and professional experience in your recent slate of nominees to serve on the Board of Governors of the Federal Reserve System," Toomey wrote to Biden on Tuesday.

The Federal Reserve Act demands the president pick "not more than one" member from each Federal Reserve district. However, four of Biden's nominees are all from the 5th District.

Among the other nominees, one not mentioned in Toomey's letter, a professor of international relations and economics at Michigan State University, Lisa Cook, was cited as not being qualified by her peers, according to a Daily Caller report.

Toomey went on to write that one of Biden's nominees, Sarah Bloom Raskin, was also labeled hostile to the energy sector.

"While a lack of expertise at the Federal Reserve Board in any particular industry is inevitable, the demonstrated hostility of one nominee, Sarah Bloom Raskin, towards a sector that supports employment for millions of Americans, is unacceptable," Toomey stated.

On Jan. 17, a Wall Street Journal editorial stated that Raskin "wants to politicize Fed bank supervision, especially on climate."

The Caller reports that the "Senate Banking Committee will meet on Feb. 3. to conduct a hearing on the nominations for Raskin, Cook, and Philip Jefferson." Jefferson, from North Carolina, would become the fourth Black person to serve on the Fed Board of Governors in U.S. history.

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Sen. Pat Toomey, R- Pa., the ranking member on the Senate banking committee, is questioning President Joe Biden's pick of Federal Reserve Board of Governors nominees' experience. "I write to express my concerns with the significant lack of diversity in geography and...
banking, federal reserve, joe biden, nominees
263
2022-55-26
Wednesday, 26 January 2022 05:55 AM
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