The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“U.S. Federal Reserve Nominations (Executive Calendar)” mentioning the Federal Reserve System was published in the in the Senate section section on pages S2476-S2477 on May 12.
The Federal Reserve is the US's central bank, expanding many times during great financial uncertainty and panic. It has faced numerous criticisms since its creation in 1913, such as making the Great Depression worse and for lacking transparency and audits.
The publication is reproduced in full below:
U.S. Federal Reserve Nominations
Mr. BROWN. Mr. President, since President Biden took office, we have made tremendous economic progress as a country. Our economic growth last year exceeded that of China's for the first time in 20 years, and Federal Reserve nominees who have come before the Senate are crucial to continuing that progress. As Americans face rising prices caused by corporate greed, a global pandemic, and Putin's war, having a full Federal Reserve Board has never been more vital.
A few weeks ago, the Senate confirmed Lael Brainard to be Vice Chair of the Board of Governors of the Federal Reserve System. Vice Chair Brainard has served as a member of the Federal Reserve since 2014, when she led bipartisan action to support families through the COVID-19 economic crisis and worked to create a better payments system that works for consumers and small banks. She has championed efforts to modernize and strengthen the Community Reinvestment Act, a landmark civil rights law to start to undo the dark legacy brought on by Jim Crow and, ultimately, redlining. We saw her tremendous efforts pay off. Last week, all three Federal banking Agencies moved forward with their new, historic CRA proposal.
Earlier this week, Democrats supported the historic nomination of Dr. Lisa Cook, who is a prominent economist with years of research and international experience on monetary policy, banking, and financial crises. She is the first Black woman to serve on the Board of Governors in the 109-year history of the Federal Reserve. She has seen how economic policy affects all kinds of people in different parts of the country, from the rural South where she grew up in Milledgeville, GA, to the industrial Midwest at Michigan State University--one of the great Midwestern State universities of this country--where she built her career.
Dr. Cook is a Spelman College alumna. She was a Marshall Scholar and a Truman Scholar. She studied at Oxford University. She earned her Ph.D. in economics at Berkeley. She is a tenured professor of economics and international relations at Michigan State.
Last night, the Senate confirmed Dr. Philip Jefferson, one of the country's leading thinkers on the economics of poverty. He will be a critical voice on the Fed. He is the vice president for academic affairs, dean of faculty, and Freeland professor of economics at Davidson College. He began his career as a Fed economist. He grew up, as he says, in the shadow of RFK Stadium in the Southeast part of this city. He served as chair of the economics department at Swarthmore College, my daughter Emily's alma mater. Dr. Jefferson would be only the fourth Black man to serve as a Fed Governor.
Both Dr. Jefferson and Dr. Cook will bring important perspectives on poverty, inequality, and racial equity to the Fed--perspectives that have been missing for most of the last 109 years.
Today, we will vote on Jerome Powell, who has earned the opportunity--earned the opportunity--to lead the Fed as Chair for another term. He has been a steadfast defender of the Federal Reserve's independence, resisting unprecedented attacks by former President Trump to politicize the Fed. I know he will similarly resist those in Congress who see inflation not as a burden on American families but as a chance to blame the President of the United States for something that is complex due chiefly to things that happened before he was President and mainly to corporate greed and global events. Along with now-Vice Chair Brainard, he played an instrumental role in stabilizing our economy in the face of the coronavirus pandemic. He has been a reliable voice and a steady hand through this crisis.
All of the nominees for the Fed have received an unprecedented amount of support from across the political spectrum--more letters of endorsement than I have ever seen for Federal Reserve nominees--from State regulators, economists, bankers, and former government officials, consumer groups, civil rights advocates, and on and on and on.
I congratulate Vice Chair Brainard and Governor Cook and Governor Jefferson on their nominations and confirmations. I urge my colleagues to vote to confirm Chair Powell.
Last point. I will continue to work with my colleagues to round out the full complement of the Federal Reserve--it has not had a full seven members in almost a decade--when we confirm in a few weeks the Vice Chair of Supervision nominee, Michael Barr. The Banking, Housing, and Urban Affairs Committee will hold a hearing on Mr. Barr's nomination next week. We will move swiftly to vote.
I urge my colleagues to support Chair Powell today and to support Mr. Barr's nomination as Vice Chair soon.
I am confident all of the President's nominees will fiercely guard the Fed's independence and will work to bring down prices and, most importantly, put workers and families at the center of our economic policy.
I yield the floor.
