Economist Lisa Cook has the backing of several key White House officials and allies outside the administration as a possible choice for President Joe Biden in filling a vacancy on the Federal Reserve Board of Governors, according to people familiar with the matter.
Tennessee Sen. Lamar Alexander joined Mitt Romney of Utah and Susan Collins of Maine in disapproving of Judy Shelton's nomination to the Federal Reserve Board, adding drama to a confirmation vote that had been targeted for this week.
Federal Reserve Chair Jerome Powell announced a new approach to monetary policy Thursday that takes a more relaxed stance on inflation and on its view of how low U.S. unemployment can go.
The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.
Republican Sen. Mitt Romney of Utah said he will vote against Judy Shelton, one of two Trump administration nominees to the Federal Reserve’s Board of Governors.
Judy Shelton, President Trump’s contentious pick for an open seat, cleared a key hurdle by winning the approval of a majority on the Senate Banking Committee.
The panel later this month will vote on the nomination of Judy Shelton, whose views on certain policy issues have met with skepticism from both Democrats and Republicans.
Participation in the Main Street Lending Program for midsize companies is partly about public service, but the core business rationale is building "a banking relationship that continues on for some time," the Boston Fed chief says.
