June 10, 2014

Path clear for Senate votes on Fed nominees

June 11, 2014 – The Senate reached cloture on three nominations to the Federal Reserve Board on Tuesday, with a final vote on each expected Thursday.

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 to be the Fed's vice chairman. The Senate's action Tuesday set a limit on time for debate on the nominations.

Action on the Fed nominations could be followed soon by action on other federal financial agency nominees, such as 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.

In other nominations developments, the Senate Banking Committee has a hearing slated June 17 on the nominations of San Antonio Mayor Julián Castro to be secretary of the Department of Housing and Urban Development and Laura Wertheimer to be inspector general of the Federal Housing Finance Agency.

Castro would succeed HUD Secretary Shaun Donovan, who has been nominated to head the Office of Management and Budget. The Senate Budget Committee holds a hearing on Donovan's nomination today.