In recent months, Mr. Biden has made five nominations to the seven-member Fed board: Chairman Jerome Powell, who has served on the Fed board since 2012 and was confirmed as chairman in 2018, was renominated; Lael Brainard, a Fed board member since 2014, was nominated as vice chairwoman; Ms. Raskin, who was on the Fed board from 2010 to 2014 and was then second in command at the Treasury Department, serving as deputy secretary from 2014 to 2017; and Lisa D. Cook, a professor of economics and international relations at Michigan State University, and Philip N. Jefferson, vice president for academic affairs, dean of faculty and the Paul B. Freeland professor of economics at Davidson College, were nominated to the Fed board.
For weeks, Republicans have taken issue with Ms. Raskin, concerned she would use her influence at the Fed to steer capital away from oil and gas companies.
"Ms. Raskin's repeated and forceful advocacy for having the Federal Reserve allocate capital and choke off credit to disfavored industries is alone disqualifying and reason enough to vote against her," Sen. Pat Toomey, R-Pa., the committee's ranking member, said in a statement announcing Republicans would not attend Tuesday's hearing. "But whether to proceed with a vote today is a separate question."
At her Feb. 3 confirmation hearing, Ms. Raskin said repeatedly that it is inappropriate for the Fed to make credit decisions and allocations. "Banks choose their borrowers, not the Fed," she said. "It's inappropriate for the Fed to choose winners and losers; doing so is not the proper institutional role of the Fed. That's a cardinal principle of Fed supervision."
Mr. Toomey said Republicans are still seeking answers from Ms. Raskin on her views, but Mr. Brown pushed back on that notion, calling Republican's actions a "smear campaign."
The committee's 12 Democrats symbolically voted in favor of each of the Fed nominees, save for Sen. Elizabeth Warren of Massachusetts who did not support Mr. Powell's nomination.
"At this pivotal moment in our economy, everyone understands we need a full Reserve board," Mr. Brown said.
He and his colleagues derided Republicans for not showing up to the hearing as inflationary pressures on the economy persist.
"It doesn't make a lot of sense of me to basically say 'fire! fire!' and then stop hiring the personnel that can put the fire out," said Sen. Robert Menendez, D-N.J.
Added Sen. Chris Van Hollen, D-Md., "You can have legitimate differences, and go ahead and vote yes or no, but don't refuse to show up."
