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Biden Struggles to Fill Open Regulatory Positions at the Fed, Why?

It's very slow going for the Biden administration in filling regulatory positions. And that's good news.
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SEC accused of doing Elizabeth Warren's dirty work. Image from a Tweet.

SEC accused of doing Elizabeth Warren's dirty work. Image from a Tweet.

The best aspect of the Biden administration is that other than by executive order, the president struggles to get much of anything done. 

Fortunately, Biden's Fed Nominees Failed to Win Approval in the Divided Senate.

The three main bank overseers—the Fed’s top banking regulator along with the heads of the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.—all lack Senate-confirmed leaders more than a year into Mr. Biden’s administration.

The Fed’s vice chairperson for supervision—the government’s most influential banking regulator—is likely to remain unfilled for the foreseeable future, even after the Senate votes on Jerome Powell for a second term as the Fed’s chairman, likely later this month.

Sarah Bloom Raskin, tapped in January for that job, withdrew last month in the midst of opposition from Republicans and Democratic Sen. Joe Manchin of West Virginia, citing her views on addressing climate change.

Saule Omarova, an academic tapped to oversee national banks at the OCC, withdrew in December in the midst of objections from Republicans and moderate Democrats. No one else has been tapped for the role. At the FDIC, a Democrat is now serving as acting chairman, though he is serving in a board term that technically expired more than three years ago. The White House doesn’t plan to nominate a new leader soon, according to people familiar with its thinking.

Who's to Blame?

The White House blames Republicans of course.

But It should be an easy process to find someone else to nominate after these well-deserved failures. Yet, we are stalled. 

The reason things have stalled is the progressive party is in full control of Biden's agenda.

Any person acceptable to Elizabeth Warren will have trouble being confirmed in the Senate. 

All of the failed nominees have at a minimum Elizabeth Warren's major support. It's likely that Warren is the one who made the picks outright. 

Spotlight on Saule Omarova

Biden's Bank Regulatory Nominee Espouses Helicopter Money and Praises the Old USSR

The issues with Saule Omarova don't stop with those Tweets. 

Please recall my November 15, 2021 post Biden's Bank Regulatory Nominee Espouses Helicopter Money and Praises the Old USSR

In a White Paper, she proposed giving everyone free money accounts at the Fed in a "people's ledger". 

She also proposed having the Fed set "systemically important prices". 

Spotlight Sarah Bloom Raskin

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On March 14, Senator Joe Manchin released this statement: I am Unable to Support Nomination of Sarah Bloom Raskin to Federal Reserve Board

“The Federal Reserve Board is not an institution that should politicize its critical decisions," said Manchin.

Everyone of these failed nominations have Warren's handwriting on them.

Liz's Pet

Biden Doing Everything Possible to Drive Up the Price of Oil, Some of It's Illegal

On March 22, I commented Biden Doing Everything Possible to Drive Up the Price of Oil, Some of It's Illegal

Despite claims of wanting to hold down the price of oil, President Biden's actions speak louder than his lies.

If Biden insists on kowtowing to the extreme progressives, then expect Democrat Senators Joe Manchin and sometimes Krysten Sinema to object.

Good News 

That Biden has not found replacements for the failed nominees is good news. 

If we can just hang on with no approved appointments until the midterms, Biden will likely be a lame duck unable to do much of anything for the remaining two years of his term. 

We still have to fear executive orders, but those can be challenged in court. 

This post originated at MishTalk.Com.

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