Senate Republicans Stall Key Vote on Fed Nominees

“President Biden’s plans to remake the Federal Reserve by nominating five of its seven governors hit a roadblock on Tuesday as Republicans on the Senate committee that sits at the center of the confirmation process moved to delay a vote on the picks,” the New York Times reports.

“All five potential officials were scheduled to face a vote before the Senate Banking Committee on Tuesday afternoon, which would have put them on track for a confirmation vote before the full Senate if they passed.”

“But Sen. Patrick Toomey (R-PA) said on Tuesday that he and other Republicans would block the process. Mr. Toomey’s office said in a statement that he and his colleagues had decided not to show up to the vote, which cannot proceed without a majority of lawmakers present.”