Between proposed legislation threatening its discretion, a lawsuit challenging its approval process and a bombshell revelation about the only fintech to be awarded one, pressure is mounting on the Fed’s master account policy.
The Senate Committee on Banking, Housing and Urban Affairs confirmed the nomination of Sandra Thompson to serve as the next director of the FHFA, sending her nomination to the full Senate.
Senate Republicans today blocked a committee vote on five nominees, including the re-nomination of Federal Reserve Chair Jerome Powell, Federal Reserve Gov. Lael Brainard’s nomination to be Vice Chair, and Federal Housing Finance Agency Acting Director Sandra Thompson, who Biden nominated to lead the agency on a permanent basis.
Senate Republicans boycotted a Tuesday vote on President Joe Biden's nominees to fill vacant seats on the Federal Reserve Board, with GOP opposition coalescing around Sarah Bloom Raskin, the White House's pick for the Fed's vice chair for bank supervision.