–Banking Cmte Chair Dodd: ‘No Likelihood’ of Senate Vote Before Sept
–Sen. Shelby: Supports Raskin to Fed, Opposes Yellen and Diamond
By John Shaw
WASHINGTON (MNI) – The Senate Banking voted Wednesday to approve
all three of President Barack Obama’s nominations to the Federal Reserve
Board: Janet Yellen to serve as vice chairman and Peter Diamond and
Sarah Bloom Raskin to serve as Fed governors.
But Senate Banking Committee Chairman Chris Dodd said there is “no
likelihood” the Senate would consider the three Fed nominations before
it leaves for its month-long recess at the end of next week.
Dodd said he hopes the Senate can confirm the three nominees in the
fall.
All three are well qualified to serve at the during a time that
will be “extremely challenging” for the management of monetary policy,
Dodd said, noting that the Fed’s powers were expanded by the new
financial regulatory reform law.
“Members of the Board will clearly have their hands full,” he said.
Sen. Richard Shelby, the ranking Republican on the panel, supported
the nomination of Raskin, but opposed the nominations of Yellen and
Diamond as did several other Republican senators.
Shelby said Yellen as president of the San Francisco Federal
Reserve Bank did not respond forcefully enough to the housing bubble.
He also said he is troubled by her orientation as a “Keynesian”
policymaker. He said it would be more appropriate to have a “monetary
economist” as the Fed vice chairman.
** Market News International Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MMUFE$,MGU$$$,MFU$$$]
