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Tags: wall street | democrats | regulation | nominees

Biden Short on Dem Votes for Nominees; White House Blames GOP

saule omarova sits in hearing
Nominee to be the Comptroller of the Currency Saule Omarova testifies before the Senate Banking, Housing and Urban Affairs Committee during a hearing on Capitol Hill in Washington, D.C., on Nov. 18, 2021. (JIM WATSON/AFP via Getty Images)

By    |   Friday, 03 December 2021 11:36 AM

President Joe Biden is finding threading the needle even in his own party has proven difficult when it comes to finance and regulation posts in his administration, as moderates and progressives are so far apart from agreement they are almost polar opposites, The Wall Street Journal reported.

Comptroller nominee Saule Omarova has more than just Republicans scoffing at her confirmation, as Sen. Jon Tester, D-Mont., has balked, while Federal Reserve Chairman Jerome Powell's re-nomination is opposed by Sen. Elizabeth Warren, D-Mass. Biden has extended an olive branch to Warren by nominating Richard Cordray for the Fed's top supervisory position, but he is not a smooth sail for moderates, according to the report.

Those positions are in addition to the Federal Housing Finance Agency, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corp., and spots on the Fed's board of governors that are also still open.

"It's imperative for the administration to pick their nominees and get them confirmed, because half the administration will be over before they're up and running," Better Markets CEO Dennis Kelleher told the Journal. "The agencies are by and large frozen in place and it's hard to get momentum on critical financial protection rules until there's confirmed leadership."

The 48 Democrats and two independents have to entirely agree if the 50 Republicans vote together in the Senate, but a White House spokeswoman still blames the other side of the aisle for obstruction.

"Delays in confirmation are due to Republicans who have slow-walked nominees across the board," she told the Journal.

Even the bipartisan opposition to Omarova had the White House blaming Republicans, as a statement called out "unacceptable red baiting from Republicans."

Still, sources told the Journal, the White House now has to weigh whether to pull her controversial nomination.

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Politics
President Joe Biden is finding threading the needle even in his own party has proven difficult when it comes to finance and regulation posts in his administration, as moderates and progressives...
wall street, democrats, regulation, nominees
296
2021-36-03
Friday, 03 December 2021 11:36 AM
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