June 09, 2014

Fed nominations near Senate action

June 10, 2014 – The Senate appears to be about ready to take up votes this week on nominations to the Federal Reserve Board.

Senate Majority Leader Harry Reid, D-Nev., filed motions for cloture Friday on the nominations of Lael Brainard to be a member of the Federal Reserve Board of Governors, Jerome Powell to a new Fed Board term and Stanley Fischer as the Fed's vice chairman.

The Senate could vote on Brainard's confirmation Wednesday, which would give the Fed five members and two seats still open.

Mark McWatters
Mark McWatters

Senate action on the Fed nominations could signal a readiness to move on other federal financial agency nominees, including the nomination of Mark McWatters to the NCUA Board.

Nominated in January, McWatters testified on his nomination in March and was reported out favorably by the Senate Banking Committee in April.

If confirmed, he will succeed NCUA Board Member Michael Fryzel. His term would last through Aug. 2, 2019.