Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

COVID threatens new U.S. Senate delays for Biden's Fed, FTC nominees

Published 05/02/2022, 02:21 PM
Updated 05/02/2022, 02:26 PM
© Reuters. FILE PHOTO: The United States Capitol building is seen in Washington, U.S., March 17, 2022. REUTERS/Emily Elconin

By David Morgan

WASHINGTON (Reuters) - An effort by U.S. Senate Democrats to move forward on President Joe Biden's nominees for the Federal Reserve and Federal Trade Commission appeared headed for a second week of delay on Monday, after another Democratic lawmaker tested positive for COVID-19.

Senator Michael Bennet of Colorado said on Twitter (NYSE:TWTR) that he tested positive for the coronavirus that causes COVID-19 on Sunday, adding that he would quarantine at home in Denver for the week.

"I'm experiencing minor, cold-like symptoms and plan to work virtually," Bennet said.

That could mean further delays for the renomination of Fed Chair Jerome Powell; Fed Board nominations for Davidson College dean of faculty Philip Jefferson and Michigan State University's Lisa Cook, and the nomination of privacy expert Alvaro Bedoya to the Federal Trade Commission.

A senior Democratic Senate aide said it was not immediately clear whether attendance would pose an issue.

But with the 100-seat Senate split 50-50 between Democrats and Republicans, and Vice President Kamala Harris wielding a tie-breaking vote, Democrats often need all 48 of their party members and the two independents who caucus with them to achieve the simple majority needed to confirm nominees.

Having all lawmakers present is especially vital for nominees who face determined Republican opposition.

Republicans were able to block a Democratic effort to limit debate on Cook's nomination last week after positive COVID-19 tests sidelined two Democrats and Harris. If confirmed, Cook would become the first Black woman to serve on the Fed Board since the central bank's founding in 1913.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Democrats were expected to circle back to Cook once they have a full caucus. Democrats have opposed Republican efforts to move ahead with Powell and Jefferson, who have broad bipartisan support, without progress on Cook.

Senate Majority Leader Chuck Schumer was also forced last week to cancel a procedural vote for Bedoya.

If confirmed, Bedoya would give Democrats a 3-2 majority among FTC commissioners. Currently, there are two Democrats and two Republicans, resulting in deadlocks.

Schumer has said that confirming Bedoya was a priority because it would give the agency enough votes to investigate oil companies Democrats say are "gouging" consumers with high gasoline prices.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.