Sen. Robert Menendez (D-N.J.) is getting support from some of his fellow lawmakers in his push to get Latino policymakers installed at the Federal Reserve, upping pressure on the White House to consider Hispanic candidates to replace former Vice Chair Lael Brainard.
Menendez at a hearing with Fed Chair Jerome Powell kept up his drumbeat of frustration that no Latino person has ever had a vote on interest rate policy at the central bank, a point he made directly to President Joe Biden last week. There are early signs that his advocacy is gaining traction within the committee responsible for vetting Fed nominees, with potentially significant implications for the type of candidate who will be able to clear the Senate.
Sen. Catherine Cortez Masto (D-Nev.) said she was aligned with Menendez in “supporting a Latino nominee to the open seat on the Federal Reserve.”
“I know there are many strong Latino economists and economic experts who can capably serve, so I want to put that out there,” she said.
Sen. Raphael Warnock (D-Ga.) similarly said it’s important for the Fed’s governing board to “reflect the diversity of our nation.”
“I support Sen. Menendez and others who have called for a diverse nominee,” he said. “Specifically the fact that we’ve never had a Latino person serve on the Federal Reserve board, I think, is a huge oversight, and I hope we can move quickly in that direction.”
