The New York Times reported yesterday Senate Confirms 2 Fed Board Nominees "The Senate on Thursday confirmed two nominees chosen by President Obama for the Federal Reserve Board of Governors, overcoming Republican objections and bringing the seven-member board to full strength for the first time since 2006, before the economic crisis."
"For months, Senator David Vitter, a Louisiana Republican and a member of the Banking Committee, held up the nominations, saying the two men would be “rubber stamps” for the policies of the Fed chairman, Ben S. Bernanke, and, by implication, the Obama administration. Mr. Bernanke has already done more to increase economic growth and reduce unemployment than many of his conservative critics favor, while other critics — predominantly liberal — argue that he has not done enough.
After JPMorgan Chase’s recently acknowledged trading losses, which raised questions about whether the Fed and other agencies had a tight enough hand on the regulatory reins, Senate Democratic leaders found enough votes to surmount objections from Mr. Vitter and others. Senator Harry Reid, the majority leader, explicitly linked the vote to the JPMorgan Chase matter, saying the bank had been behaving as if its business were a game of craps."
So something good came out of the JP Morgan Chase loss, though it's not clear yet where these two appointees fall policy-wise. There was also news that the Senate passed a bill the other day. Seriously, what's going on?
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