The Senate Banking Commission stopped with a 12-12 vote ahead of Cook. For him to be approved, the Senate must vote to reject his candidacy for the commission. He crossed the party line At the end of March.
Democrats tried to get Cook to speak last month, but failed that I didn’t have enough votes to win the fight due to the absence of two senators infected with COVID-19.
In March, Senator Pat Tommy (RPA), a member of the rating committee, said Cook had “virtually no experience in monetary policy” and “seemed to have no idea how the Fed should deal with inflation.”
Many other Fed members, including Republican -backed ones, have little experience with monetary policy. And financial policy expertise is not required for serving on the board of directors.
Girolamo Powell For example, the current chairman of the Fed is a lawyer who became a partner of private equity giant The Carlyle Group. Michelle Bowman, appointed by President Donald Trump, has worked in the banking sector and in the federal government. He has a law degree and a degree in journalism and advertising.
Daniel Tarulo, who served on the Fed board from 2009 to 2017, is also a lawyer. and Speech A few months after resigning from the Brookings Institution, he admitted that he was no different than a monetary policy expert when President Barack Obama introduced him.
In April, Senate Banking Commission Chairman Sherod Brown (Ohio) said Republicans should.
“Twelve to 12 [Republicans in committee] He voted Lisa Cook and said she wasn’t qualified: Truman’s scientist, Marshall’s scientist, I believe, too, Dr. “From Berkeley, he graduated from Spelman and teaches in Michigan,” Brown said. “We’re seeing a habit, a coherent example of it. So we’re not getting help from them to rebuild the Federal Reserve. It’s been 109 years and seven people on the Federal Reserve at the same time and without an African American woman .They should be ashamed. “
Biden also called Philip Jefferson, who is also black and a professor of economics at Davidson College. If confirmed, the federation will have more than one black man on its board for the first time in its history. Democrats are also awaiting Powell’s approval for another term as prime minister.
Jefferson received unanimous support from the Banking Committee, while Powell had only one senator – Warren – in opposition.
Republicans – along with Democratic Senator Joe Mancin (W.Va.) – blocked one of Biden’s other candidates, Sarah Bloom Ruskin, because she argued the Fed was more proactive in responding to risks financially caused by climate change.
Source: Huffpost
