White House Will Have to Nominate Powell, Goodfriend to Fed Again in 2018
By David Harrison
Two of President Donald Trump's nominees to the Federal Reserve will have to be renominated in the new year after the Senate ended its 2017 session this week without voting to confirm them.
Jerome Powell's nomination for Fed chairman and Marvin Goodfriend's nomination to serve on the central bank's board of governors will have to start over once the Senate reconvenes.
Nominees pending at the end of a session have to be resubmitted by the White House in the new session unless all senators agreed to have them carried over. Mr. Powell's and Mr. Goodfriend's are among dozens of nominations that will have to be resubmitted.
Mr. Trump in November nominated Mr. Powell, a Fed governor since 2012, to succeed Fed Chairwoman Janet Yellen when her term as chief expires in early February.
The Senate Banking Committee advanced Mr. Powell's nomination Dec. 5 on a 22-1 vote, which suggests he likely wouldn't face much opposition in a new vote. Sen. Elizabeth Warren (D., Mass.) cast the lone vote against him.
Mr. Trump nominated Mr. Goodfriend on Nov. 29, but the committee hasn't voted on the matter.
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(END) Dow Jones Newswires
December 22, 2017 13:12 ET (18:12 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.