June 12, 2014

Senate confirms Fed nominees

June 13, 2014 – The Senate on Thursday approved of three nominations to the Federal Reserve Board, including Stanley Fischer to be the Fed's vice chairman.

The nominations were confirmed by roll call votes. Fischer's confirmation as Fed vice chair was approved by a vote of 63-24. The Senate also confirmed the nominations of Lael Brainard, by a vote of 61-31, to be a member of the board and Jerome Powell, by a vote of 67-24, to a new term on the board.

Thursday's nomination votes 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.