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Old feud appears to sink Obama's Fed nominees
Source: Reuters
Old feud appears to sink Obama's Fed nominees
By Mark Felsenthal and David Lawder
WASHINGTON | Mon May 7, 2012 9:58am EDT
(Reuters) - President Barack Obama's two nominees to the Federal Reserve appear likely to fall victim to a long-running political feud, which would leave the central bank short-handed as it struggles with tough regulatory and monetary policy questions.
Republican Senator David Vitter has demanded that the Senate hold a debate before any vote on the nominees, which would require Democratic leaders to muster a super majority to move forward - a hurdle that may be too high to clear.
As a result, the Senate may end up abandoning the nominees, Harvard economist Jeremy Stein and investment banker Jerome Powell, and leave a decision on filling out the normally seven-member Fed board until after this year's presidential election.
"I refuse to provide Chairman Bernanke with two more rubber stamps who approve of the Fed's activist policies," Vitter said when asked if he planned to lift his hold on the nominations.
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By Mark Felsenthal and David Lawder
WASHINGTON | Mon May 7, 2012 9:58am EDT
(Reuters) - President Barack Obama's two nominees to the Federal Reserve appear likely to fall victim to a long-running political feud, which would leave the central bank short-handed as it struggles with tough regulatory and monetary policy questions.
Republican Senator David Vitter has demanded that the Senate hold a debate before any vote on the nominees, which would require Democratic leaders to muster a super majority to move forward - a hurdle that may be too high to clear.
As a result, the Senate may end up abandoning the nominees, Harvard economist Jeremy Stein and investment banker Jerome Powell, and leave a decision on filling out the normally seven-member Fed board until after this year's presidential election.
"I refuse to provide Chairman Bernanke with two more rubber stamps who approve of the Fed's activist policies," Vitter said when asked if he planned to lift his hold on the nominations.
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Read more: http://www.reuters.com/article/2012/05/07/us-usa-fed-nominees-idUSBRE8460KD20120507
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