Senate Confirms Lael Brainard as Federal Reserve Board Vice Chair
In a 54-40 vote, the U.S. Senate confirmed Lael Brainard to a four-year term as Vice Chair of the Board of Governors of the Federal Reserve System ("FRB"). Ms. Brainard has served as a Governor on the FRB since 2014, and prior to that, she served as Undersecretary of Treasury from 2010 to 2013.
Senate Banking Committee Chair Sherrod Brown (D-OH) supported the confirmation and promised cooperation with efforts "to curb inflation and continue down the path of economic recovery."
Senate Banking Committee Ranking Member Pat Toomey (R-PA) opposed the confirmation and urged the new Vice Chair to "reverse course and shift her focus to reining in the record-high inflation plaguing Americans every day," rather than focusing on "the politically-charged issue of global warming, which is beyond the Fed's expertise and mission."
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