Voting on Fed options at Biden delayed as GOP presses for answers on Raskin’s relationship with the company

Chairman Sherrod Brown (D-OH) questions Treasury Secretary Janet Yellen and Federal Reserve Chair Powell during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act. , at the Hart Senate Office Building in Washington, DC, September 28, 2021.

Kevin Dietsch | Swimming Pool | Reuters

Sen. Sherrod Brown, Chairman of the Senate Banking Committee, said Tuesday afternoon that the committee will delay voting on President Joe Biden’s five candidates for the Federal Reserve as Republicans opposed Sarah Bloom Raskin’s candidacy.

The Banking Committee was scheduled to vote on whether to nominate Raskin and four other presidential picks to lead the Fed, but could not get the required number of delegates without the attendance of Mr. Republican Party.

“I’m going to delay voting for these nominees. We’ll update you when we’ve rescheduled,” Brown said Tuesday afternoon. “The Republican Party has taken a hand against the American people.”

Senator Ranking Committee member Pat Toomey of Pennsylvania announced earlier in the day that GOP will boycott the nomination vote thanks to their continued interest in the “revolving door” of Raskin’s previous work for the Reserve Trust, a fintech firm she worked for shortly after leaving the Obama administration.

This is breaking news. Please check back for updates.

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