The Senate reconvened at 10:00 A.M. and resumed consideration of the nomination of Lael Brainard to be Vice Chairman of the Board of Governors of the Federal Reserve System. Brainard, one of the four appointees of President Joe Biden to the Federal Reserve, is on the fast track to becoming the next vice chair for the U.S. central bank. She cleared a procedural hurdle on Monday evening with bipartisan help with the final confirmation vote to be held in the Senate at 2:15 P.M. today. Democrats were joined by eight Republicans on Monday to end the debate on the nomination in a 54-40 vote. A cloture vote on another Fed nominee, Lisa Cook, will also likely happen today. The Senate is also likely to vote this week on the nomination of Fed chair Jerome Powell, who has been nominated again for the same position he is currently serving, and Davidson college faculty dean Philip Jefferson, who has been nominated for a vacant seat at the Board. Both are expected to be confirmed with bipartisan support.
Democrats are seeking to rekindle major pieces of President Joe Biden’s agenda when Congress returns this week, with high stakes for his legacy, the 2022 midterms and millions of people looking for economic relief. Before the Senate adjourned, Majority Leader Chuck Schumer, (D-New York), said discussions of a sequel to the stalled Build Back Better Act continue and may “pick up pace” after the two-week recess. A bipartisan group of senators met Monday evening to discuss a potential climate and energy bill that can garner 60 votes in the Senate and revive the barest elements of President Biden’s Build Back Better agenda. By aiming for 60 votes in a 50-50 Senate, some members of the group are trying to recreate the dynamic that led last year to the passage of $1.2 trillion bipartisan infrastructure bill. The group’s Democrats are hopeful they can rescue a portion of the $550 billion in climate spending included in the president’s BBB proposal. Republicans are open to exploring ways to open up more federal land to drill for natural gas, reform the permitting process and invest in nuclear energy. The White House remains open to some sort of reconciliation package but has been careful not to publicly raise expectations. White House officials briefed House chiefs of staff on Monday about their priorities for the next 100 days which include not only a scaled down Build Back Better, but also addressing toxic exposure for veterans, the China competition bill, additional funding for COVID-19 and Ukraine all of which remain top Senate priorities.
The House will reconvene at 2:00 P.M. and will consider 14 bills under suspension of the Rules from the Small Business and Natural Resources Committees.
