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Fed Nominee Hearings Could Happen In February: Senate Banking Chair

Three more slots still need to be nominated by the White House.

Hearings to decide who will lead the Federal Reserve could take place as early as next month, Senate Banking Chair Sherrod Brown told Bloomberg.

The Fed Board has seven members and, after Randal Quarles announced that he would be resigning from his post overseeing bank supervision at the end of the year, five slots that needed to be named. 

Current chair Jerome Powell has already been re-nominated by President Joseph Biden, and Lael Brainard was nominated for vice-chair.

That leaves three more slots that need to be nominated by the White House.

 Bloomberg reported that names under consideration include former director of the Consumer Financial Protection Bureau Richard Cordray, former Fed governor and deputy Treasury secretary Sarah Bloom Raskin, and president of the Federal Reserve Bank of Atlanta Raphael Bostic.

"I'm not going to say yes or no on that," Brown said when reporter Stephen T. Dennis asked him whether the hearings could take place before the end of the year. "We'll probably have hearings for five nominees in January."

The White House, meanwhile, announced that it hopes to make nominations by the end of December so that the hearings can move along. 

In recent months, there has been a concerted push from Democrats hoping to see more liberal members elected to the board.

Other names under consideration include Director of Economic Policy Institute’s Program on Race, Ethnicity, and the Economy Valerie Wilson, Michigan State University economics professor Lisa Cook, Chief Economist at AFL-CIO William Spriggs, and former Obama-era Treasury official Karen Dynan.

"The president intends to make those appointments beginning in early December, and is committed to improving the diversity in the Board’s composition," the White House said in a press release.