TROUBLE AHEAD
Although we anticipated a significant confirmation fight for Sarah Bloom Raskin (see Client Report FEDERALRESERVE66), it’s getting uglier not only for her but also one of the lower-profile Fed nominees, Lisa Cook. Indeed, all three face a new challenge from Ranking Member Toomey (R-PA): the legality of their appointments. We doubt this hearing will take on the particularly nasty tone of that for OCC-nominee Omarova (see Client Report REFORM210) and it’s likely to be even more partisan. Still, as we’ll assess following the hearing, each nominee will surely earn their job at this session if they win confirmation.