Senate GOP Warns Regional Fed Against Political Pressure in Hunt for Chiefs
- Exits of Rosengren, Kaplan come amid Democratic diversity push
- Toomey, GOP unhappy with ‘mission creep’ beyond bank mandate
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Republicans on the Senate Banking Committee warned the boards of Federal Reserve banks in Boston and Dallas not to let politics influence their search for new presidents, and instead choose people who would avoid “mission creep” at the central bank.
The Republicans, led by Senator Pat Toomey of Pennsylvania, wrote that they want candidates who would adhere to the “narrow statutory mission” of the Fed without regard to political pressure. They voiced their concerns in letters Tuesday to Christina Paxson, chair of the board of the Federal Reserve Bank of Boston, and Greg Armstrong, chair of the Dallas Fed.