Banking and Finance Law Daily Wrap Up, FEDERAL RESERVE SYSTEM—Smith decries partisan attacks against Fed nominees, (Feb 1, 2022)

By Lauren Bikoff, MLS

Think tank Third Way reiterated its support for the three candidates.

Senate Banking Committee member Tina Smith (D-Minn) has issued a statement in support of Federal Reserve Board nominees Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson, and called out Republican colleagues for their partisan attacks. President Joe Biden nominated Raskin to serve as Vice Chair for Supervision of the Board and Cook and Jefferson to serve as Governors. Smith stated that the nominees are “highly qualified and dedicated public servants,” but that Republicans are using the “ugly GOP playbook that undermines women and people of color with partisan attacks that have little to do with their fitness for the job.”

Since the nominations were announced, many members of Congress and industry experts have chimed in with reactions both for and against the confirmation of Bloom Raskin, Cook, and Jefferson. Recently, Sen. Pat Toomey (R-Pa), ranking member of the Senate Banking Committee, stated he has “serious concerns” about the nominees, due to their “shoddy compliance” with the Senate confirmation process (see Banking and Finance Law Daily, Jan. 31, 2022).

Smith disagreed with Toomey, by stating, “We need to be honest about what’s going on here. I refuse to stand by idly in the midst of Republicans’ disgraceful treatment of Sarah Bloom Raskin, Lisa Cook, Philip Jefferson and other smart, qualified women and people of color nominated by the Biden Administration.”

Third Way. Think tank Third Way has released a statement, reiterating the organization’s “strong support of the President’s entire slate of nominees.” Third Way stated that these nominees “exemplify the deep expertise and breadth needed at the Federal Reserve in their conduct of monetary policy and financial system stability.”

Companies: Third Way

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