Senate Banking Committee Advances Biden Fed Nominees, FHFA Director

The Senate Banking Committee yesterday advanced four Federal Reserve nominees to a vote by the full Senate, including Chairman Jerome Powell for another four-year term.

The Fed also advanced Fed Governor Lael Brainard’s nomination to serve as Fed vice chair along with the nominations of Phillip Jefferson and Lisa Cook to serve as Fed board members.

All the nominees except Cook received majority support from the Senate Banking Committee. Although the panel deadlocked 12-12 on advancing Cook, Senate Majority Leader Chuck Schumer (D-N.Y.) can still call up Cook’s nomination on the Senate floor per the chamber’s rules.

By a vote of 13-11, the Senate panel also confirmed the nomination of Sandra Thompson to serve as director of the Federal Housing Finance Agency, sending her nomination to the full Senate.

“NAHB congratulates Sandra Thompson on her confirmation by the Senate Banking Committee as the new director of the Federal Housing Finance Agency,” said NAHB Chairman Jerry Konter. “We look forward to working with her to ensure the nation’s housing finance system retains the appropriate degree of federal support to provide consistent affordable mortgage credit for home buyers and liquidity and stability for homeownership and rental housing.”