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The Wall Street Journal: Senate advances nomination of Lael Brainard as Fed’s second-in-command

The Senate moved ahead Monday evening with consideration of President Biden’s nominees to the Federal Reserve, beginning with a procedural vote clearing the path to confirm governor Lael Brainard later this week as the central bank’s vice chairwoman.

The 54-40 tally indicated Brainard will be confirmed with bipartisan support. Eight Republicans joined 46 senators who caucus with the Democrats in moving her nomination forward. Four Fed nominees are up for confirmation, and it is unknown if the two who would be new to the board would be seated ahead of next week’s rate-setting meeting.

A procedural vote on nominations allows Senate Majority Leader Chuck Schumer, D-N.Y., to end debate and proceed to a final confirmation vote.

Biden interviewed Brainard last November as he mulled whether to elevate the economist and former Treasury Department official to serve as Fed chair. He instead opted to reappoint Fed Chairman Jerome Powell to a second term and to promote Brainard to serve as the Fed’s second-in-command.

An expanded version of this report appears on WSJ.com.

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