At a press conference this week, Biden administration press secretary Jen Psaki went after Senate Republicans for their obstruction of presidential nominations for the Federal Reserve board. Republicans recently perpetrated this obstruction by simply not showing up to a Senate Banking Committee hearing on the nominations, preventing the panel from even being able to act because of lacking a quorum. Republicans have targeted their opposition at Sarah Bloom Raskin, who was selected by Biden to serve as vice chair for supervision on the board, where she would handle banking regulations.
Psaki dings GOP for boycotting Senate Banking vote on Fed nominees, calling it an "extreme step" and "totally irresponsible." She defends Sarah Bloom Raskin as "one of the most qualified individuals" and says WH still going to try to get slate of nominees through committee
— Manu Raju (@mkraju) February 15, 2022
Among other issues that Republicans have raised, they’ve complained about Raskin’s expressed intention to factor in climate concerns when approaching banking practices. Sen. Pat Toomey (R-Pa.) claimed that Raskin would “choke off credit” to fossil fuel companies if confirmed, but she actually “told lawmakers during her confirmation hearing that it’s up to banks, not the Federal Reserve, to decide which companies they lend money to,” NPR notes. Psaki sharply criticized Republicans’ refusals to even show up to the Banking Committee hearing, and she also defended Raskin. As Psaki pointedly explained it, discussing the Senate Republican absences:
‘Well, let me first say that this is a very extreme step that’s totally irresponsible, in our view. It’s never been more important to have confirmed leadership at the Fed to help continue our recovery and fight inflation. And, obviously, they have a unique role to play, an important — a vital role to play as it relates to inflation. And I think Democrats and Republicans have agreed on that for decades. So Republicans are out there saying, “Inflation is a problem. It’s a huge issue.” We agree. And then they’re not even bothering to show up to even vote against these nominees to the Federal Reserve. What message is that sending to the American public?’
Psaki also described Raskin as “one of the most qualified individuals to ever be nominated to the Federal Reserve.” Check out Psaki’s comments below:
Psaki: So Republicans are out there saying inflation is a problem. It’s a huge issue. We agree and then they’re not even bothering to show up to even vote against these nominees for the federal reserve. What message is that sending to the American public? pic.twitter.com/XdPBkHWelX
— Acyn (@Acyn) February 15, 2022
Sen. Sherrod Brown (D-Ohio), the chairman of the Banking Committee, also sharply criticized Republican obstruction. As Brown put it, referring to the other Fed board nominees whose futures were also held up by Republican antics, Toomey “chose to abdicate his duty to the American people and put our economic recovery at risk, instead of doing his job and showing up to vote on Ms. Bloom Raskin, Dr. Cook, Dr. Jefferson, Gov. Brainard, and Chair Powell’s nominations.” Brown added that if “my colleagues are as concerned about inflation as they claim to be, they will end the theatrics and show up today to do their jobs.” Ultimately, they didn’t “show up.”
President Joe Biden and Senate Democrats are standing by Sarah Bloom Raskin and are ready to wait out Republicans in a standoff that’s holding up a slate of five Federal Reserve nominees. | w @StevenTDennis https://t.co/ZkTW3HvteA
— Laura Litvan (@LauraLitvan) February 16, 2022
