The Senate on Wednesday moved forward two of President Joe Biden’s Federal Reserve nominees and prepared to process a third, despite brief uncertainty around Sen. Joe Manchin’s support.
The Senate promoted Fed board member Philip Jefferson to be the central bank’s vice chair in an 88-10 vote, with 39 Republicans joining Democrats in support. The economist will play a lead role in helping shape monetary policy as the Fed decides whether to keep raising interest rates to fight inflation.
GOP opposition posed a bigger challenge for Fed Governor Lisa Cook’s nomination to serve another 14 years. The Senate advanced Cook in a 52-47 procedural vote with just two Republicans supporting her. Adriana Kugler, nominated to join the Fed board, was also expected to face significant GOP resistance in a vote later Wednesday.
Manchin, a West Virginia centrist, raised the stakes for Cook and Kugler before their votes Wednesday when he said he wasn’t sure whether he would support them. He later voted voted in support of Cook.
Manchin’s opposition could have complicated the Fed picks’ confirmation, with Sen. Cory Booker (D-N.J.) not voting this week and Vice President Kamala Harris traveling in Indonesia. Sen. Sheldon Whitehouse (D-R.I.) also missed earlier votes Tuesday and Wednesday.
Sen. Rick Scott of Florida, among the Republicans who voted against the Fed nominees, said in an interview that he opposed them because the Fed is “doing a horrible job,” including with banking industry oversight.
If confirmed, Kugler would be the first Hispanic Fed board member, and she would join Cook as the only other woman of color to serve as a Fed governor. Jefferson is the Fed’s second Black vice chair.
Sens. Mike Rounds of South Dakota and Lisa Murkowski of Alaska were the only two Republicans to support Cook in her procedural vote.
“I looked back at what she had actually done during the time in which she was on the board,” Rounds said. “She has been one of the individuals that you could sit down and visit with.”
Victoria Guida contributed to this report.
