Sen. Toomey Knocks Biden's Fed Nominees for Lack of Experience Sen. Pat Toomey, R- Pa., appears at a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act at the Hart Senate Office Building in Washington, D.C., on Sept. 28, 2021. (Kevin Dietsch/Getty Images)
By Nick Koutsobinas | Wednesday, 26 January 2022 05:55 AM
Sen. Pat Toomey, R- Pa., the ranking member on the Senate banking committee, is questioning President Joe Biden's pick of Federal Reserve Board of Governors nominees' experience.
"I write to express my concerns with the significant lack of diversity in geography and professional experience in your recent slate of nominees to serve on the Board of Governors of the Federal Reserve System," Toomey wrote to Biden on Tuesday.
The Federal Reserve Act demands the president pick "not more than one" member from each Federal Reserve district. However, four of Biden's nominees are all from the Fifth District.
Among the other nominees, one not mentioned in Toomey's letter, a professor of international relations and economics at Michigan State University, Lisa Cook, was cited as not being qualified by her peers, according to a Daily Caller report.
Toomey went on to write that one of Biden's nominees, Sarah Bloom Raskin, was also hostile to the energy sector.
"While a lack of expertise at the Federal Reserve Board in any particular industry is inevitable, the demonstrated hostility of one nominee, Sarah Bloom Raskin, towards a sector that supports employment for millions of Americans, is unacceptable," Toomey stated.
On Jan. 17, The Wall Street Journal Editorial wrote that Raskin "wants to politicize Fed bank supervision, especially on climate."
The Caller reports that the "Senate Banking Committee will meet on Feb. 3. to conduct a hearing on the nominations for Raskin, Cook and Philip Jefferson."