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 ranging from new arms to money that can be used to rebuild communities decimated by the war.
For Republicans, Ukraine has become a major example of a growing divide within the Party between officials that have a more traditional global view of policy, and those close to President Trump who tend to take an America First approach to global issues. Indeed, prior to the vote, former President Trump came out against the package; but the majority of Senate Republicans voted for passage.
Midterms
This past week saw some primaries that again demonstrated the central role President Trump is playing in the Republican Party. In North Carolina, President Trump endorsed a rather obscure Member of the House in the race to pick a candidate for the Senate seat being vacated by Republican Senator Richard Burr. Trump’s candidate Rep. Ted Budd easily defeated former Republican Governor Pat McCrory.
In Pennsylvania, the Trump-endorsed candidate for Governor, State Senator Doug Mastriano, easily won the Republican nomination despite concerns by state Republican officials that he could have problems in November.
In the Senate race Trump-endorsed candidate Dr. Mehmet Oz has a very narrow lead over investment banker David McCormick. The race is so close that it could be weeks before a winner becomes clear.
Next week the Trump brand will be tested again in Georgia, where the former President has endorsed candidates for Governor, Secretary of State and US Senator.