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
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.
Thanks for Tuning In!
Please Subscribe to MishTalk Email Alerts.
Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.
If you have subscribed and do not get email alerts, please check your spam folder.
Mish
There’s a reason people generally retire before 70…
https://i.redd.it/8faa8vy7pv451.jpg
Ruling outside enacted laws has been an important current for 150 years of political life, but the current is swelling.