Fed nominee Brainard is expected to be elected to the Senate on Tuesday

April 25 (Reuters) – Lael Brainard, one of President Joe Biden’s four nominees for the Federal Reserve, is set to become the next U.S. central bank vice president after clearing a procedural hurdle in the U.S. Senate on Monday evening with bipartisan support.

The Senate is due to hold a final confirmation vote Tuesday at 2:15 p.m. ET (6:15 p.m. GMT) on Brainard, the current Fed governor.

Eight Republicans joined Democrats in voting 54-40 Monday to end debate over Brainard’s nomination. A closing vote on a second Fed nominee, Lisa Cook of Michigan State University, could take place on Tuesday.

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The Senate is also expected to schedule confirmation votes this week for Fed Chairman Jerome Powell, reappointed to his current position, and Davidson College faculty dean Philip Jefferson, appointed to a vacant seat on the board. . Both are expected to win bipartisan support.

At its policy meeting next week, the Fed is expected to raise interest rates by half a percentage point and announce the start of a reduction in its giant balance sheet as it intensifies its fight against high inflation since 40 years.

Cook and Jefferson would likely join after this meeting, taking part in deliberations on what should be interest rate hikes at every subsequent Fed meeting this year and at least in the first part of next year.

Cook would be the first black woman to serve on what is currently an all-white Fed board, and Jefferson would be the fourth black man to serve in the central bank’s more than 100-year history.

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Reporting by David Morgan, Richard Cowan and Ann Saphir; Editing by Leslie Adler and Aurora Ellis

Our standards: The Thomson Reuters Trust Principles.

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