Republicans Refuse to Help Lower Inflation
March 3, 2022
It’s been more than two weeks since the Senate Banking Committee Republicans, led by Pat Toomey, refused to fulfill their constitutional duty to vote on critical nominees for the Federal Reserve, and now we know why.
Senator Toomey and Republicans failed to show up to help fight inflation because they’re in the pocket of special interests, and it’s American families who will pay the price for their obstruction.
New Yorker: “How Fossil-Fuel Companies Are Stonewalling Sarah Bloom Raskin’s Nomination to the Fed”
New Yorker: “In the Senate, one of the leaders of the opposition to Bloom Raskin has been the banking committee’s ranking Republican, Patrick Toomey, of Pennsylvania … Toomey has expressed doubt in the past about whether human activity is to blame for climate change and has deep financial ties to the fossil-fuel industry. In campaigns for the House and Senate stretching back over the last two decades, he has received $1,071,547 from the industry, which has a major presence in his state. Between 2011 and 2016, Toomey took in $587,147.”
New Yorker: “The real cause of the boycott, Democrats say, is the G.O.P.’s fealty to oil, gas, and coal interests. ‘The Republicans are always at the beck and call of their fossil-fuel contributors,’ Brown told me in a phone interview. ‘They’re on lifetime lease to the fossil-fuel industry. But this,’ he said, referring to the Bloom Raskin nomination, ‘has been one of the most obvious examples of it.’”
Top economic leaders agree: President Biden’s nominees for the Federal Reserve are qualified and should be confirmed without delay.
Former Fed Vice Chair Alan Blinder: “Sarah Bloom Raskin Belongs at the Fed”
CNBC: “Obama Treasury Secretary Lew urges Senate to confirm Fed nominees amid Ukraine crisis, inflation”
Reps. Maxine Waters, Alma Adams, and Joyce Beatty: “Senate Republicans must end their block of well qualified Federal Reserve nominees”