US Senate verifies Lael Brainard as Fed vice-chair

April 27, 2022

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US Senate verifies Lael Brainard as Fed vice-chair

In a 52–43 vote on the Senate floor, U.S. legislators substantiated Lael Brainard as vice-chair of the Federal Reserve System for 4 years. The United States Senate has substantiated the appointment of Lael Brainard who is a member of the Federal Reserve’s board of directors, as the next vice-chair of the central. Former Obama government officials and law professor Michael Barr are also expecting approval from legislators following President Joe Biden declaring Barr as his choice for Fed vice chair for supervision in April.

Brainard said in an authorization hearing around January that Congress would eventually hold the courage to agree on whether to move forward with a central bank digital currency or CBDC, enlarging the Fed would greet the legislative body taking an extremely important part in revising the regulatory framework for digital currencies and digital assets. She has recently spoken in favor of the U.S publishing a CBDC but has also conveyed concerns about legitimate and regulatory protection for digital currencies.

The Federal Reserve, moreover to the Securities and Exchange Commission, SEC, and the Commodity Futures Trading Commission, governs many of the regulations covering digital assets in the U.S. Many of the Fed opportunities were the result of period expirations and the surrenders of board members. 7 members sit on the board of chiefs when fully staffed, which has not happened in roughly 10 years.

For like Brainard, Barr, Powell, and Jefferson would require more than fifty votes to confirm their assignment with the full Senate. Vice President Kamala Harris was not present on Tuesday. With Harris powerless to act as a tie-breaking vote, her absence has halted a vote on Cook’s choice to sit on the Fed’s board of chiefs.

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