The Federal Reserve Board has seven members but for months has been operating with only four Governors; that changed when the Senate gave final approval to Lisa Cooks on a partisan 51 - 50 vote and Philip Jefferson on a bipartisan vote of 91 – 7.  This still leaves the Fed Board one member short of its full seven member authorized level.  This past week the Senate Banking Committee began hearings on the final Biden nominee, Michael Barr.

Mr. Barr served in both the Clinton and Obama Administrations and focused on community and consumer banking issues.  Barr played a leading role in the creation of the Consumer Financial Protection Bureau where he became an ally of now Senator Elizabeth Warren. 

This past week the Senate Banking Committee held a confirmation hearing on his nomination, and in his testimony, he seemed to emerge unscathed. Importantly, swing Democratic Senator Joe Manchin announced that he would vote to confirm Mr. Barr.  No date for further action has been announced but he should be seated by July 4.

Ukraine

This week the Senate sent to President Biden the $40B Ukraine aid bill on a strong bipartisan vote of 86 to 11.  As in the House, all the NO votes in the Senate were cast by Republicans. The bill funds programs rangin...

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