Hagerty Statement on Biden’s Federal Reserve Nominees

February 15, 2022

WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, released the following statement on President Joe Biden’s Federal Reserve nominees and today’s business meeting to consider them:

“It is deeply concerning that the Chairman of the Banking Committee has elected to move forward with holding a vote on the nomination of Sarah Bloom Raskin despite the recent revelations that she may have been engaged in highly questionable and inappropriate influence-peddling. The Banking Committee deserves answers to a number of outstanding questions before it can fulfill its obligation of fully vetting her nomination. Her radical views to choke off capital to the oil-and-gas industry are damning enough, but her lack of transparency requires additional scrutiny from this Committee, not a vote, which is why I will join Ranking Member Toomey in opposing holding a vote on Raskin today.  

“Fed Chair Jay Powell still has my support for a second term, as does Lael Brainard to be Vice Chairman for Supervision and Dr. Philip Jefferson to be a Member of the Board of Governors; however, Dr. Lisa Cook has not demonstrated to me that she is experienced enough in economic and monetary policy for an appointment to the Fed, and therefore I cannot support her nomination.”