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May 29, 2014

Senators Tell Obama: Fed Nominees Should Aim to Take On Wall Street

“The White House has been getting an earful in the past year from members of the Senate Banking Committee, who haven’t been shy about suggesting criteria for nominees at the Federal Reserve.

“On Wednesday, Sens. Jeff Merkley (D., Ore.) and Elizabeth Warren (D., Mass.) continued with such unsolicited advice, sending a letter to President Barack Obama urging him to fill two vacant seats on the Fed’s seven-member board with nominees possessing an interest in financial regulation and a desire to address the problems revealed by the 2008 financial crisis.

“’With [the Fed’s] responsibilities for oversight of the financial system, it is critical that the two remaining nominees for the Board be leaders who possess expertise in financial regulation and have demonstrated a strong commitment to financial reform,’ the senators wrote in the letter.

“The letter reflects the long-running concern of the senators that, with the exception of Fed Governor Daniel Tarullo, the highest-ranking Fed officials aren’t paying enough attention to the central bank’s considerable bank oversight responsibilities. They worry that too much of the work is delegated to staff as opposed to the officials who are accountable to Congress debating and engaging on these issues.”

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Read full Wall Street Journal article here

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