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Tags: jen psaki | federal reserve | inflation | economy

Psaki: Republicans Blocking Fed Nominees Exacerbates Inflation

Jen Psaki
White House Press Secretary Jen Psaki on Wednesday. (Alex Wong/Getty Images)

By    |   Wednesday, 16 February 2022 05:13 PM EST

White House press secretary Jen Psaki said on Wednesday that Republican senators blocking President Biden's nominees to the Federal Reserve were contributing to growing inflation, The Hill reported.

The press secretary told reporters that Biden "agrees that Republicans are AWOL on the fight against inflation at this pivotal moment in our economy."

"Everyone understands we need a full Federal Reserve board, the first one in nearly a decade, to tackle inflation and bring prices down for American families," she continued.

Psaki added that the White House is "absolutely" backing a strategy from Sen. Sherrod Brown, D-Ohio, that seeks to delay chamber votes until Republicans agreed to consider all five of Biden's Fed picks.

"We are not advocating for splitting the nominees. We support Chairman Brown's decision to keep all five on the Fed board, pushing them forward through the committee. We believe Republicans need to do their jobs and show up to vote for these nominees," Psaki said.

Sen. Pat Toomey, R-Pa., the ranking member of the Senate Banking Committee, has indicated that Republicans are fine with advancing four of Biden's Fed nominees but were uncomfortable with forwarding former Fed board of governor's member Sarah Bloom Raskin, according to another article from The Hill.

"Important questions about Ms. Raskin's use of the 'revolving door' remain unanswered largely because of her repeated disingenuousness with the Committee," Toomey said.

"Until basic questions have been adequately addressed, I do not think the Committee should proceed with a vote on Ms. Raskin," he added.

Before being blocked by Republicans, the panel was scheduled on Tuesday to vote on Raskin's nomination for Fed vice chair of supervision, Powell's renomination as Fed chair, Lael Brainard's nomination to be Fed vice-chair, and the nominations of Lisa Cook and Phillip Jefferson to serve as members of the Fed board of governors.

A vote on Sandra L. Thompson's nomination to be director of the Federal Housing Finance Agency was also scheduled to occur but has since been delayed.

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Newsfront
White House press secretary Jen Psaki said on Wednesday that Republican senators blocking President Biden's nominees to the Federal Reserve were contributing to growing inflation, The Hill reported.
jen psaki, federal reserve, inflation, economy
329
2022-13-16
Wednesday, 16 February 2022 05:13 PM
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