![]() ![]() George Santos uses $85K in campaign donations to reimburse himself ![]() Top progressive Dem declares ‘Israel is a racist state’ Mondaire Jones hammered for past congestion pricing support as he seeks seat in car-reliant district To quell inflation, "the administration can start by reversing its disastrous anti-energy policies," Toomey wrote on Twitter following Thursday's CPI print.īiden should "restart the Keystone XL pipeline, expedite natural gas pipeline approvals, repeal its broad, punitive regulations on America's oil and gas production and withdraw the nomination of Sarah Bloom Raskin," he wrote.House Dems introduce censure resolution for lying Rep. Raskin, they say, isn't the right choice now given her prior call to curb emergency lending to energy companies. energy sector to keep petroleum prices from eroding American paychecks. Republicans have seized upon the uptick in oil prices - and the broader inflation data - to argue that nominations to the Fed ought to favor stricter monetary policy and support the U.S. The spike in crude sent West Texas Intermediate crude futures to nearly $130 a barrel on Tuesday before the price retreated to around $110 on Thursday. 3, Russia has embarked on its invasion of Ukraine, sending crude oil prices to multiyear highs. Since Raskin last testified before the committee on Feb. The West Virginian - who counts several energy executives among his top political donors - remains undecided on Raskin's candidacy despite his support for the GOP deal for a slate of four nominees.īut while the partisan bickering has continued for weeks, the political and economic environment surrounding it has changed. Though Manchin isn't on the banking committee, he would prove a critical vote to confirm Raskin on the Senate floor. "Newly released economic data makes it crystal clear: Republicans need to do their jobs and vote on these critical nominees so that we can tackle inflation and address our global economic crisis," a spokeswoman for Brown told CNBC.īut in a Senate split 50-50, Manchin's pressure on fellow Democrats to take the GOP deal on the Fed nominees suggests that the majority may not be unified. ![]() The Federal Open Market Committee, the Fed's policymaking arm, has left little doubt as to its plans to hike the overnight lending rate by 25 basis points when it meets next week. The Labor Department reported Thursday that inflation rose 7.9% in the 12 months ended February, well above the central bank's 2% target.Ī string of hot inflation prints has not only caused angst for consumers at gas stations and supermarkets across the country, but also forced the Fed to accelerate its plans to cut back on its Covid-era monetary policies and prepare to raise borrowing costs to keep the economy from overheating. The partisan fight comes as the Fed prepares to begin what's expected to be a cycle of interest rate hikes to combat a spike in prices nationwide. "Our hope is that the banking committee members will show up and do their jobs and vote or not vote." It is a lack of willingness of Republicans to show up to the committee to actually vote," Psaki said. "It's important to note that it is not a lack of votes on the committee to move these nominees forward. The panel can't move the nominations to a full vote in the Senate without a quorum in the committee, White House press secretary Jen Psaki said Thursday, adding that the Republicans' refusal to attend prevents the majority from moving forward because of procedural rules. ![]() The GOP says they are open to a vote on Biden's other four nominees, including Fed Chair Jerome Powell and Fed Governor Lael Brainard.īut Brown and the White House are standing by Raskin, saying any vote on the president's Fed nominees must include them all. Democrats say their candidate has answered hundreds of questions, has been more than forthcoming with the Republicans, and see their qualms over Reserve Trust as a front for their true energy-based worries. Republicans have raised questions about Raskin's work for financial technology company Reserve Trust after it managed to obtain unique access to the Fed's payments system during her tenure. Toomey, the banking committee's ranking member, persuaded his GOP colleagues to boycott a vote on the president's candidates to the central bank out of opposition to Raskin and her outspoken support for climate policies and criticism of the U.S. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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