But most ominously for Democrats is what has occurred inside the Senate Banking Committee. Republicans are boycotting the committee’s consideration of Sarah Bloom Raskin for a top regulatory post at the Federal Reserve. This same tactic – which was already successful inside the Small Business Committee to block a different Biden pick – has disrupted the confirmation of five Fed nominees, including Jerome Powell as chair. And it comes as the Fed is preparing to raise interest rates to tame inflation, the biggest economic issue of the moment. The Fed can still act -- Powell is still in place as acting chair -- yet it’s turning into a serious stalemate impacting the nation’s central bank.
The nightmare scenario for Democrats, though, is this GOP tactic can be deployed inside the Judiciary Committee to a Supreme Court nominee. Think of that. Republicans come up with a reason to not show up for the Judiciary Committee hearing to vote on a Supreme Court nominee. The nominee is stuck unless the Senate somehow figures out a way changes its rules. This will keep Schumer and Democrats up at night.
Punchbowl News AM: Assessing Schumer and McConnell
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