Republican members of the Senate Banking Committee defended their boycott of a vote on five Federal Reserve Board nominations, saying that nominee Sarah Bloom Raskin’s testimony about her work on behalf of the fintech company Reserve Trust was deceptive and inadequate.
During a hearing Thursday on the state of the economy, committee Chairman Sherrod Brown, D-Ohio, criticized his Republican colleagues’ move two days earlier to deny a quorum for a committee vote on the five Fed picks and nomination of Sandra Thompson for director of the Federal Housing Finance Agency. Giving the Fed a full complement of directors would better equip the board to tackle inflation, which Republicans on the committee have expressed as a top concern, Brown argued.
