“Richard is to the left of Lenin,” Republican Sen. John Kennedy of Louisiana of Richard Cordray. “Richard believes that only government can make America great.'
President Joe Biden may have avoided a partisan showdown in the Senate by re-nominating Jerome Powell lead the Federal Reserve, but Republicans on Capitol Hill aren’t giving him the benefit of the doubt when it comes to the three additional nominations he’s expected to make in the coming weeks.
Kennedy sits on the Senate Banking Committee, which would have to approve any nominee to the Federal Reserve Board of Governors before it advanced to the full Senate for confirmation. In an evenly split Senate where Republicans and Democrats have equal representation at the committee level, nominees can advance from a deadlocked committee vote at the discretion of Democratic Senate Majority Leader Chuck Schumer of New York.
iframe.twitter-tweet { width: 100% !important; } Cordray would replace Gov. Randal Quarles as vice chairman for supervision, whose term in that role ended in October and who plans to leave the Fed entirely at the end of the year.