Skip to content

GOP Senators Prepare Gantlet for Biden’s Fed Picks After Powell

  • Republicans wary of extending Fed’s regulatory reach
  • Warren wants board to rein in climate risks and Wall Street
Pat Toomey
Pat ToomeyPhotographer: Al Drago/Bloomberg

President Joe Biden’s remaining Federal Reserve picks can expect a tougher grilling than Chair Jerome Powell is likely to get from Senate Republicans, who are already warning about the central bank’s regulatory reach before the nominees are even announced.

The three openings on the seven-member board, including the pivotal vice chair for supervision slot previously held by Randal Quarles, give Biden the chance to dramatically reshape the Fed. He’s under pressure from progressive Democrats, who were disappointed by his renomination of Powell and are clamoring for a diverse slate that would take on the financial risks of climate change and Wall Street speculation with new regulations.