The Senate Banking Committee held a hearing today to consider the President’s nominees for the Federal Reserve, FDIC, OFR and SIGTARP. Committee Members delved into a broad array of issues, including bank lending, Basel III, OFR’s data collection plans, TARP fraud, monetary policy, and the state of the housing market. The nominees generally confined their statements and answers to noncontroversial statements, although the two FRB nominees appeared to take differing views on accommodative monetary policy and the role the FRB should play in promoting a housing recovery. Chairman Johnson (D-SD) stated that protecting community banks is one of his top priorities, while Ranking Member Shelby (R-AL) called for the Fed to deleverage its balance sheet. The hearing suggested few near-term confirmation obstacles for the nominees, with Chairman Johnson calling for a quick vote.
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