Senate Banking Committee

Senate Banking Committee Chairman Sherrod Brown said Tuesday he has no doubt the Senate would confirm either Federal Reserve Chair Jerome Powell to a second term or his possible successor, Fed Gov. Lael Brainard.

Saule Omarova is scheduled to appear before the Banking Committee as progressives cheer her potential appointment to lead the Office of the Comptroller of the Currency and critics describe her views as too radical. Her confirmation would rely on the support of every Democrat in the chamber.

Federal Reserve Chair Jerome Powell called Sherrod Brown, the head of the Senate panel that oversees the central bank, this week to discuss Powell’s sweeping proposal to limit securities trading by senior Fed officials, as well as Brown’s new legislation on the subject.

Criticism from banking and other business groups of Saule Omarova’s candidacy could make it difficult for moderate Democrats to support President Biden's pick to lead the Office of the Comptroller of the Currency.

Lawmakers approved adding the measure, which gives banks legal cover to serve cannabis firms, to a broader legislative package. But the provision has already passed the chamber several times and analysts say full enactment will be more difficult.

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

Republicans on the Senate Banking Committee objected to Biden administration picks for key jobs at the Department of Housing and Urban Development based on their past criticism of police practices. The nominees, including the prospective Federal Housing Administration chief, said their statements were taken out of context.

Sen. Patrick Toomey, the ranking Republican on the Banking Committee, has argued that research by the Federal Reserve into these topics could result in “mission creep.” Fed officials have said their job includes fostering inclusive economic growth and ensuring the banking system is girded against financial risks posed by climate change.

Sen. Elizabeth Warren praised Federal Reserve Gov. Lael Brainard on Wednesday for her approach to financial regulation while criticizing Chairman Jerome Powell as too protective of big financial institutions.

Sen. Patrick Toomey, the top Republican on the Banking Committee, criticized acting Comptroller of the Currency Michael Hsu and others in the Biden administration for advancing “social goals that are unrelated to banking.”