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Lael Brainard Wins Senate Confirmation to Be Fed Vice Chair

  • Political dispute, Covid-related absences affect timing
  • Fifth Fed nominee awaiting action by Banking Committee
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WATCH:The U.S. Senate voted 52-43 to confirm Lael Brainard as vice chair of the Fed.Source: Bloomberg
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Lael Brainard was confirmed as vice chair of the Federal Reserve Board of Governors Tuesday in a 52-43 Senate vote, but a combination of Covid-related absences and a political spat threatens to delay three other Fed nominees.

Brainard, 60, had been considered by President Joe Biden for the Fed’s top job before he chose to keep Jay Powell in that post. She won over four Republicans on the Banking Committee after a relatively friendly confirmation hearing, though most GOP senators still opposed her because of her views on regulation. Brainard had dissented from a number of moves to reduce the regulatory burden on banks in recent years.