Key Takeaways

  • Tuesday Senate Banking Committee holds hearing on Jay Powell’s nomination to serve a second term as Fed Chair.  The 2018 vote to confirm was 84 to 13.  Will evenly divided Senate make vote tougher?
  • Budget talks continue with no resolution in sight.  Biden decision to wait until March 1 to give State of the Union is sign of tough talks ahead. 
  • February 18 current Continuing Resolution expires and need for Budget Bill to avoid government shutdown. Can Democrats act on their Build Back Better plan before CR deadline as new BBB spending will make it difficult to get Republican votes on new CR or Omnibus Spending package?
  • Senate next turns to voting rights with Democrats pushing for broad reform and Republicans beginning to engage on the flawed Electoral Count Act of 1887 that raised the issue of the role of Congress and VP in counting electoral votes.

Powell nomination

On Tuesday, the Senate Banking Committee will hold a hearing on the nomination of Jay Powell to serve a second term as Federal Reserve Board Chair.  When the Senate considered his nomination in 2018 the final vote on confirmation was 84 to 13. 9 of the 13 votes against Powell came from Democrats.  Clearly if Powell is to be re-nominated it will again require a bipartisan...

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