[Congressional Record Volume 158, Number 71 (Thursday, May 17, 2012)]
[Senate]
[Pages S3248-S3252]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
EXECUTIVE SESSION
______
NOMINATION OF JEREMY C. STEIN TO BE A MEMBER OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
______
NOMINATION OF JEROME H. POWELL TO BE A MEMBER OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
The ACTING PRESIDENT pro tempore. Under the previous order, the
Senate will proceed to executive session to consider the following
nominations, which the clerk will report.
The legislative clerk read the nominations of Jeremy C. Stein, of
Massachusetts, to be a Member of the Board of Governors of the Federal
Reserve System and Jerome H. Powell, of Maryland, to be a Member of the
Board of Governors of the Federal Reserve System.
The ACTING PRESIDENT pro tempore. Under the previous order, there
will be 90 minutes of debate in the usual form.
Mr. SCHUMER. Mr. President, I suggest the absence of a quorum.
The ACTING PRESIDENT pro tempore. The clerk will call the roll.
The legislative clerk proceeded to call the roll.
Mr. CORKER. Mr. President, I ask unanimous consent that the order for
the quorum call be rescinded.
The ACTING PRESIDENT pro tempore. Without objection, it is so
ordered.
Mr. CORKER. Mr. President, I wanted to speak for a moment today about
the vote we are going to have this afternoon on the Federal Reserve
Board members who have been nominated. I have met both of these
individuals, and I plan to vote for them today at noon. But I want tell
you why I am going to do that. I am very concerned about the overly
accommodative efforts that are taking place right now at the Federal
Reserve. I think these low interest rates over long periods of time
will create inflation in our country. I believe the Fed has been
proactive in recent times in ways that make me nervous. As soon as QE2
was announced, I immediately called the Chairman of the Federal
Reserve, and we had a meeting in our office to talk about the concerns
he had and the concerns we in our office have.
I would love to see the Federal Reserve have a single mandate like
the European Central Bank has and the Bank of England has, where their
sole purpose is really price stability. I would also love to see
Congress act responsibly and deal with many fiscal and other kinds of
issues that are holding down our economy. I think sometimes the Federal
Reserve feels as though it is the only entity that is actually acting
to try to stimulate our economy. I understand the position they are in,
having a dual mandate, which I think is inappropriate and hopefully
over time will change.
These two nominees, candidly, do not represent the kind of a more
hawkish position I would like to see the Federal Reserve take where
they are concerned about price stability over the long haul. At the
same time, both of these gentlemen are qualified. I don't think there
is any question that someone would say that these two individuals are
qualified. We do have Fed Presidents from around the country who
typically, as far as monetary policy on the Federal Reserve Board, do
act in more hawkish ways and probably more represent the way that I
would view things as they ought to be in some of the accommodations the
Federal Reserve has continued to make.
I hope we do not get into a situation where we end up having--you can
actually call it QE4. Some people might call it QE3. I hope that does
not happen and that we will continue to press the Federal Reserve
towards that end in any way we can.
I also know that there is going to be an election in November and
that whoever the next President is--obviously, as you would expect, I
hope there is a change in occupancy at the White House this November,
someone who will actually try to solve the problems our Nation has. But
whoever the next President is, they will have the opportunity to
appoint the next Chairman of the Federal Reserve very soon and also the
next Vice Chairman of the Federal Reserve.
So I guess what I would say in closing is that I am going to support
these nominees because they are qualified. I do hope they will press
the Chairman of the Federal Reserve to be more concerned about price
stability, especially into the future. But I do not want to vote no
today because I think it sets a precedent of saying that, look, these
guys are qualified--I do not think there is any question about that.
And I want the next President--who I hope, again, is someone different
than we have today--to have the opportunity with my colleagues on the
other side of the aisle--if a change is to occur and if the President
has the opportunity to appoint a new Federal Reserve Chairman and a new
Vice Chairman and he deems them qualified and this body deems them
qualified, I hope we are going to have the opportunity to fill those
positions.
So, again, I plan to vote for these nominees in an effort to continue
to cause this place to focus in the way I think it should. They are not
ideal, from my perspective, but they are qualified.
I might remind friends on my side of the aisle that we did have
someone who was nominated several months ago who was not in the
mainstream. This person was not in the mainstream of thinking, and this
person did not become a member of the Federal Reserve Board. So we have
ended up having two nominees who are more middle of the road. They are
not as hawkish as I would like to see them be. They are not as
focused--they possibly will not be as focused on price stability as I
would like to see them be. But they are qualified. They are not out of
the mainstream. And I do plan to support them.
I suggest the absence of a quorum.
The PRESIDING OFFICER (Mr. Brown of Ohio). The clerk will call the
roll.
The legislative clerk proceeded to call the roll.
Mr. ALEXANDER. Mr. President, I ask unanimous consent that the order
for the quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
Mr. ALEXANDER. Mr. President, at noon the Senate will be voting on
two of President Obama's nominees to the Federal Reserve Board. These
are important positions. They have long terms. They come at a time when
our economy is in trouble and doing its best to recover. In these
votes, the Senate will be acting in the way it should, and let me say
why I am saying that.
On Tuesday of this week, someone most of us know--Marty Paone, who
was the Democratic secretary in the Senate for 13 years, until 2008--
wrote an article in the Hill, a Capitol Hill newspaper. The headline is
``Senate rule changes come with risk,'' but all I want to refer to
today is a description of the Senate that is on our Senate Web site.
Marty describes our own Web site in the article and says:
. . . [t]he legislative process on the Senate Floor [as] a
balance between the rights guaranteed to Senators under the
standing rules and the need for Senators to forgo some of
these rights in order to expedite business.
Mr. President, I ask unanimous consent to have printed in the Record
the article I just referred to following my remarks.
[[Page S3249]]
The PRESIDING OFFICER. Without objection, it is so ordered.
(See exhibit 1.)
Mr. ALEXANDER. Mr. President, what is reflected on the Senate Web
site is the action the Senate is about to take at noon today.
There has been at least one vacancy--and sometimes two--on the
Federal Reserve Board since 2006. That is 6 years ago. That is one
whole Senate term. The Federal Reserve Board has seven Governors
nominated by the President and confirmed by the Senate. So during that
whole 6 year-period, it has had one or two of those seven positions
vacant. And this has been during a time--since 2008--of the greatest
economic crisis we have had since the Great Depression.
The President tried once to nominate someone to that position who
wasn't accepted by the Senate. So in January the President took the
unusual step of nominating a well-qualified Republican, Jay Powell, as
well as a well-qualified Democrat.
There is a good deal of unease in the Republican caucus--as I am sure
was reflected in some of the comments on the floor--about the response
the Federal Reserve Board has taken to the economic crisis since 2008.
Senators on this side of the aisle who have those concerns have a
perfect right to filibuster, to object, and perhaps to kill these two
nominations. But the Republican Senators have realized that if we were
to do that to President Obama's nominees today, then if there were a
President Romney after the first of the year, the Democrats very likely
would say: We will object to President Romney's nominees, and there
would still be vacancies on the Federal Reserve Board at a time of
economic crisis.
Just as the President took a step toward making government work by
nominating a well-qualified Republican to one of these two Federal
Reserve Governor positions, I want to acknowledge the fact that
Republican Senators who feel strongly about this issue have taken a
step forward and forgone--in the words of our Senate Web site--some of
their rights so that we can move straight to a vote today, up or down,
at 60-votes, on each of the two nominees.
The article to which I referred said that sometimes in the Senate,
even though we all have many rights, we have to forgo some of those
rights in order to make the place work. That has been happening more
lately. Republican Senators in the minority have been occasionally
forgoing some of our rights to slow down a bill coming to the floor or
to insist on an amendment that is not relevant. The majority leader has
on some occasions forgone his right to block our amendments. We would
like for him to do that more often, but it has been happening more
lately.
I think of the scheduling difficulty Senator Reid and Senator
McConnell had on district judges a few weeks ago. Instead of letting
that issue blow up the Senate, they met privately and agreed they would
proceed at a schedule the two of them determined. As a result, we have
been considering and confirming district judges at a regular rate.
Their agreement permitted us to move to a jobs bill, which benefitted
startup companies, to move ahead. The House Republicans had already
passed the bill, then we passed it, and the President of the United
States then signed it into law.
The Senate moved forward on the FAA authorization bill after many
efforts and failed attempts to do so.
We have a 2-year highway bill which the Senate has passed and which
is now in conference. I would like for it to be a 7-year bill, but we
have made progress and passed a 2-year bill.
The Senate had a big debate on the Postal Service. I would have liked
to have seen a stronger bill come out of the Senate, and I hope the
House will send us back a stronger bill. But we had 39 relevant
amendments to that bill considered, we worked on it, and we are moving
toward dealing with the big debt the Postal Service has.
This week we considered an extension of the Ex-Im Bank and took up a
bill passed by the Republican House. We offered and voted on five
relevant amendments to the Ex-Im Bank bill and disposed of the bill
that same day.
The majority leader says we have the FDA bill coming up--very
important because it affects medicines that Americans everywhere depend
on. Senator Enzi and Senator Harkin have worked that bill through the
HELP Committee. It has broad support on both sides of the aisle. The
majority leader may allow it to come up only with relevant amendments,
and we may be able to consider it and pass it.
Earlier this year several of us came to the floor and complimented
Senator Reid, the majority leader, and Senator McConnell, the
Republican leader, for saying that they want to do their best to pass
all the appropriations bills this year. That is the basic work of the
Senate--paying our bills and doing our oversight. Only twice since the
year 2000 has the Senate passed every single appropriations bill.
I don't want to make too much of this progress, but it is a little
progress, and it is an example of the Senate working the way the Senate
is supposed to work.
Now, let's be honest about the fact that this is a more partisan
country than it was even 10 years ago, and that partisanship is
reflected in the Senate. By any definition there is a narrower range of
views on the Republican side of the aisle and a narrower range of views
on the Democratic side of the aisle. But we still have our job to do.
Our job is not just to stand and express our views. If our job was to
only stand and express our views, each one of us would always be right
and we wouldn't get anything done. The second part of the job is to
take our views, put them together, and see if we can get a result.
Some people say: Well, you are interested in bipartisanship.
I am not so interested in bipartisanship. That interests me very
little, to tell you the truth. I am interested in results. I learned in
the Maryville city schools how to count, and I can count to 60. I know
that if it takes 60 votes to get anything done in this Senate, it is
going to have to take some on that side and some on this side to get to
60. And I know the American people are expecting results--results on
the debt, results on tax reform, results on fixing No Child Left
Behind, results on finding a place to put used nuclear fuel. I want to
be a part of getting those results. We have too many problems to solve
for us to think we have finished our job simply by announcing our
positions, stating our principles, and sitting down. We need to take
those principles and put them together and see whether they can mesh
and get a result.
It is not easy to get elected to the Senate. It is very hard to get
here. Most candidates campaign for a long time, and their campaigns are
intense for 2 years. They usually have terrific opposition, and people
say things about them that they don't like. We end up with some very
talented men and women among the hundred in the Senate.
It kind of reminds me of country music. A lot of the artists in
Nashville I know play in every bar they can find and every State fair
they can find for 20 years, and finally they might get invited to join
the Grand Ole Opry. Well, being in the Senate for a lot of the last
year was like being invited to join the Grand Ole Opry and not being
allowed to sing. The majority leader would bring up a bill and block
the amendments because he would say the Republicans were keeping him
from bringing up bills. Our side would say: Well, we are not going to
let you bring it up unless you let us have amendments. So we would be
sitting around, twiddling our thumbs, and wasting time when there was a
lot to do. That is why I am so glad to see some things changing here in
the Senate over the last few weeks.
We all have our wishes about what will happen in the November
election. I hope that after November we will see President Romney and
that we will see more desks on this side of the aisle, a Republican
majority. My friends on the other side expect and hope the President
will be reelected, and they would like to enlarge their majority on the
other side of the aisle. We don't know whether there will be a
Republican or a Democratic President. We don't know whether there will
be 51 or 52 Republican Senators or 51 or 52 Democratic Senators. We do
know pretty well that there probably won't be many more than 51 or 52
or 53 Democratic Senators or 51 or 52 or 53 Republican Senators, and we
all can count, and we all know that is not 60.
[[Page S3250]]
We also know we are going to get to the end of the year and we are
going to have taxes to reform, debt to reduce, highways to deal with,
nuclear waste to do something about, the payroll tax credit expiration,
and the biggest tax increase in history facing us. We know the
country's lack of confidence in the future will be greatly relieved if
it has more confidence in the ability of Washington, DC, to govern this
country.
We see what is happening in Europe. We can look at ourselves, and we
know we have trillions of dollars sitting on the side lines of the
United States. Part of the reason that money is sitting there is to
wait to see whether the Senators can do our jobs. Well, doing our jobs
may require forgoing some of our rights. That is what it says on our
Web site--that we have the rights, that we can insist on them. And
sometimes we will. But to get things done in the Senate, sometimes we
will forgo some of our minority rights and the majority leader, we
hope, will forgo some of his rights. Then we will be able to move to a
bill, amend it, vote on it, and get some results. That is what the
American people would like for us to do.
We are moving today to vote on a Democratic and a Republican
nomination by the President. We are doing it without any obstruction by
Republicans in the minority, who are very well aware and hope there
will be a President Romney after January who will have a number of
Federal Reserve appointments to make. And President Romney will hope
his nominees are entitled to the same respect President Obama's
nominees are.
If these two nominees are confirmed today, the Federal Reserve Board
will have a full complement of seven for the first time since 2006. The
Federal Reserve will have a full Board at a time of great economic
crisis for our country and as we come up on the end of the year when we
will have a fiscal cliff--according to the Chairman of the Federal
Reserve Board--that will cause Congressional action to take care of.
So I am here today only to say that I admire the nominees. I know one
of them well, Jay Powell, who was Under Secretary of the Treasury for
the first President Bush, an administration in which I served. He has a
fine reputation. He should be a fine member. I want to acknowledge the
fact that the President chose to break the stalemate by nominating Mr.
Powell, a Republican, as well as a Democrat. I want to acknowledge the
fact that several of my Republican colleagues, who have deep concerns
about the actions of the Federal Reserve Board during this economic
crisis over the last few years, have forgone some of their rights and
allowed us to have an up-or-down vote at noon.
That, taken with the other actions of the last few months, should
give a little bit of confidence to the American people that we in the
Senate are perfectly able to assert our principles, to stand on our
principles, not to give up on our principles. But then, after we have
made our speeches, to sit down and come to a result that may not be
perfect, it may not be ideal to each of our principles, but will be
good for our country.
Exhibit 1
[From the Hill, May 15, 2012]
Senate Rule Changes Come With Risk
(By Martin P. Paone)
It's an election year, and the Senate can't agree on how to
keep the student loan interest rate from doubling on July 1
from 3.4 percent to 6.8. While both sides agree that it
should be done, how to pay for it is the stumbling block. A
party-line cloture vote failure has once again brought calls
for changing the Senate's rules by majority vote at the
beginning of the next Congress, bypassing the two-thirds
cloture requirement if there's opposition.
The Senate's membership has changed considerably in the
last decade, but the Senate rules, with the exception of some
changes that were enacted in the Ethics in Government Act,
have not undergone any major changes since the Senate went on
TV in 1986. While the House has its Rules Committee, which
allows the majority to exert its will and control the flow of
legislation, the Senate has a tradition of protecting the
rights of the minority and of unfettered debate. Its own
website describes ``[t]he legislative process on the Senate
floor [as] a balance between the rights guaranteed to
Senators under the standing rules and the need for senators
to forgo some of these rights in order to expedite
business.''
The Senate has for centuries functioned by this compact of
selectively forgoing one's rights, but now that compact, to
some, seems to have broken down--hence the call to enact
rules changes at the beginning of the next Congress by
majority vote. These calls have come from Democrats, but they
are quick to admit that it should apply regardless of who is
in the majority at the time.
Such changes can certainly quicken the process and allow
for the majority to pass legislation and confirm presidential
nominees with little hindrance. While the initial rules
reforms will probably be limited to restricting debate on a
motion to proceed and other less dramatic changes, eventually
such majority rules changes at the beginning of a Congress
will result in a majority-controlled body similar to the
House. Once the Pandora's Box of granting the majority the
unfettered ability to change the rules every two years has
been opened, having seen how the current situation has
escalated, tit for tat over the last 30 years, it is
difficult to believe that strict majority rule would not be
the ultimate result. Thereafter, a member of the minority in
the Senate will be just as impotent as his or her House
counterparts.
Filibusters and the forcing of a cloture vote have been
repeatedly used to stop legislation and nominations and to
waste time. This is why the number of successful cloture
votes, many on noncontroversial nominations and on motions to
proceed to bills, has gone up dramatically in recent years.
By requiring the cloture vote and then voting for it, the
minority has been able to waste considerable time and thus
reduce the amount of time available to act on other items of
the president's agenda.
The call for changing the Senate's rules by majority vote
at the beginning of a Congress is not new; it was attempted
without success in 1953 and 1957 and in 1959. When faced with
such an effort, then-Majority Leader Lyndon Johnson
negotiated a cloture change back down to two-thirds of those
present and voting, but as part of the compromise he had to
add Paragraph 2 to Senate Rule V, which states ``The rules of
the Senate shall continue from one Congress to the next
Congress unless they are changed as provided in these
rules.''
So is it time to ignore the existing rules and change them
at the beginning of the next Congress by a majority vote?
Perhaps it is time--so many other changes have occurred in
our lives in the recent past, why shouldn't the Senate change
the way it does business? However, should that occur, one
must be prepared to live with the eventual outcome of a
Senate where the majority rules and the rights of the
minority have been severely curtailed.
While I can sympathize with those demanding such changes,
it's the manner of their implementation that keeps reminding
me of the exchange between Sir Thomas Moore and his son-in-
law, William Roper, in the movie ``A Man For All Seasons'':
Roper: ``So, now you give the devil the benefit of law!''
Moore: ``Yes! What would you do? Cut a great road through
the law to get after the devil?''
Roper: ``Yes, I'd cut down every law in England to do
that!''
Moore: ``Oh? And when the last law was down, and the devil
turned 'round on you, where would you hide, Roper, the laws
all being flat? . . . Yes, I'd give the devil benefit of law,
for my own safety's sake!''
Mr. ALEXANDER. Mr. President, I yield the floor, and I suggest the
absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The assistant legislative clerk proceeded to call the roll.
Mr. SCHUMER. Mr. President, I ask unanimous consent the order for the
quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
Mr. SCHUMER. Mr. President, I rise today with gratitude to thank and
honor my good friends and esteemed colleagues Senator Alexander and
Senator Johanns. The willingness to vote on two of the President's
nominees to serve as members of the Board of Governors of the Federal
Reserve that they have expressed today is exactly the sort of
bipartisan approach that has historically made the Senate work. I would
like to honor their efforts to get us back to that proud tradition and
thank them for their efforts to bring these two distinguished men to a
vote.
Serving on the Banking Committee together, I know Senator Johanns to
always do his due diligence when reviewing any proposed legislation or
in this case nominees. I am grateful for it. I am also grateful my good
friend Senator Alexander is the ranking member of the Rules Committee.
His hard work and insight were invaluable as we worked together to
streamline presidential appointments and to pass a bill in the Senate
to reduce the number of positions requiring Senate confirmation last
year. He has always worked for the betterment of this body. Today is
another example.
Yet despite our work last year, we face a backlog of nominations
which
[[Page S3251]]
gridlocks other important legislative business. That is not how the
process should work.
The Senate was designed to be a thoughtful and deliberative body. But
the American public is harmed when we are not able to get qualified
people confirmed to positions in a timely manner. Nominees of
impeccable qualifications and indisputable support have been frozen out
of the confirmation process. Thankfully that will not be the case
today.
At a time when our economy is struggling to maintain forward
momentum, and the Federal Reserve is faced with difficult decisions
about how to help the recovery now without creating problems in the
future, it is absolutely critical that we not leave the Fed
undermanned. For months now, the Fed has been operating with only 5 of
its 7 board members, while nominees languish in the Senate confirmation
process. There is no real question that both of our nominees are
qualified and bipartisan.
Jeremy Stein is a well-known Harvard economist, with strong expertise
in monetary policy and financial regulation. In between two stints at
Harvard, Stein was on the finance faculty at M.I.T.'s Sloan School of
Management for 10 years. Stein's research has covered such topics as:
the behavior of stock prices; corporate investment and financing
decisions; risk management; capital allocation inside firms; banking;
financial regulation; and monetary policy.
He is currently a coeditor of the Quarterly Journal of Economics, and
was previously a coeditor of the Journal of Economic Perspectives. He
is a fellow of the American Academy of Arts and Sciences, a research
associate at the National Bureau of Economic Research, and a member of
the Federal Reserve Bank of New York's Financial Advisory Roundtable.
From February to July of 2009, he served in the Obama administration,
as a senior advisor to the Treasury Secretary and on the staff of the
National Economic Council.
Jerome Powell is a visiting scholar at the Bipartisan Policy Center
here in Washington, where he focuses on Federal and State fiscal
issues. He is also a former lawyer, with experience in investment
banking and private equity who will bring valuable and broad private
sector expertise to the Board. From 1997 through 2005, Powell was a
partner at The Carlyle Group, where he founded and led the Industrial
Group within the U.S. Buyout Fund. So he has broad experience working
with manufacturing companies and other industries at the heart of the
U.S. economy.
Powell has served on the boards of several charitable and educational
institutions. He is currently a member of the board of directors of
D.C. Prep, a charter school operator in Washington, DC; the Bendheim
Center for Finance at Princeton University; and The Nature Conservancy
of Washington, DC and Maryland.
There is no requirement that the President nominate governors from
the other party, but Mr. Powell is also a Republican who served as
Undersecretary of the Treasury for Finance under President George H.W.
Bush, with responsibility for policy on financial institutions, the
treasury debt market, and related areas. So this is not a partisan
issue or ideological battle. We have one nominee who served in the
Obama administration, one nominee who served in the Bush
administration.
It is very good that we have come to an agreement. We hope it can set
the tone for agreements well into the future, this year and in 2013 as
well.
I yield the floor.
The PRESIDING OFFICER. All time has expired.
The question is, Will the Senate advise and consent to the nomination
of Jeremy C. Stein, of Massachusetts, to be a member of the Board of
Governors of the Federal Reserve System?
Mr. ALEXANDER. I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The Clerk will call the roll.
The bill clerk called the roll.
Mr. DURBIN. I announce that the Senator from Hawaii (Mr. Inouye), the
Senator from Missouri (Mrs. McCaskill), the Senator from Oregon (Mr.
Merkley), and the Senator from Rhode Island (Mr. Whitehouse) are
necessarily absent.
I further announce that, if present and voting, the Senator from
Rhode Island (Mr. Whitehouse) would vote ``yea.''
Mr. KYL. The following Senators are necessarily absent: the Senator
from South Carolina (Mr. DeMint) and the Senator from Illinois (Mr.
Kirk).
The PRESIDING OFFICER (Mrs. Hagan). Are there any other Senators in
the Chamber desiring to vote?
The result was announced--yeas 70, nays 24, as follows:
[Rollcall Vote No. 102 Ex.]
YEAS--70
Akaka
Alexander
Barrasso
Baucus
Begich
Bennet
Bingaman
Blumenthal
Boxer
Brown (MA)
Brown (OH)
Burr
Cantwell
Cardin
Carper
Casey
Coats
Cochran
Collins
Conrad
Coons
Corker
Crapo
Durbin
Enzi
Feinstein
Franken
Gillibrand
Grassley
Hagan
Harkin
Hoeven
Hutchison
Johanns
Johnson (SD)
Kerry
Klobuchar
Kohl
Kyl
Landrieu
Lautenberg
Leahy
Levin
Lieberman
Lugar
Manchin
McConnell
Menendez
Mikulski
Murkowski
Murray
Nelson (NE)
Nelson (FL)
Pryor
Reed
Reid
Rockefeller
Sanders
Schumer
Shaheen
Shelby
Snowe
Stabenow
Tester
Udall (CO)
Udall (NM)
Warner
Webb
Wicker
Wyden
NAYS--24
Ayotte
Blunt
Boozman
Chambliss
Coburn
Cornyn
Graham
Hatch
Heller
Inhofe
Isakson
Johnson (WI)
Lee
McCain
Moran
Paul
Portman
Risch
Roberts
Rubio
Sessions
Thune
Toomey
Vitter
NOT VOTING--6
DeMint
Inouye
Kirk
McCaskill
Merkley
Whitehouse
The PRESIDING OFFICER. Three-fifths of the Senators duly chosen and
sworn having voted in the affirmative, the nomination is confirmed.
Under the previous order, the question is, Will the Senate advise and
consent to the nomination of Jerome H. Powell, of Maryland, to be a
member of the Board of Governors of the Federal Reserve System?
Mr. BURR. Madam President, I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The clerk will call the roll.
The assistant bill clerk called the roll.
Mr. DURBIN. I announce that the Senator from Hawaii (Mr. Inouye), the
Senator from Missouri (Mrs. McCaskill), and the Senator from Maryland
(Ms. Mikulski) are necessarily absent.
Mr. KYL. The following Senators are necessarily absent: the Senator
from South Carolina (Mr. DeMint) and the Senator from Illinois (Mr.
Kirk).
The PRESIDING OFFICER. Are there any other Senators in the Chamber
desiring to vote?
The result was announced--yeas 74, nays 21, as follows:
[Rollcall Vote No. 103 Ex.]
YEAS--74
Akaka
Alexander
Barrasso
Baucus
Begich
Bennet
Bingaman
Blumenthal
Blunt
Boozman
Boxer
Brown (MA)
Brown (OH)
Burr
Cantwell
Cardin
Carper
Casey
Coats
Cochran
Collins
Conrad
Coons
Corker
Crapo
Durbin
Enzi
Feinstein
Franken
Gillibrand
Grassley
Hagan
Harkin
Hoeven
Hutchison
Johanns
Johnson (SD)
Kerry
Klobuchar
Kohl
Kyl
Landrieu
Lautenberg
Leahy
Levin
Lieberman
Lugar
Manchin
McCain
McConnell
Menendez
Merkley
Murkowski
Murray
Nelson (NE)
Nelson (FL)
Portman
Pryor
Reed
Reid
Rockefeller
Schumer
Shaheen
Shelby
Snowe
Stabenow
Tester
Udall (CO)
Udall (NM)
Warner
Webb
Whitehouse
Wicker
Wyden
NAYS--21
Ayotte
Chambliss
Coburn
Cornyn
Graham
Hatch
Heller
Inhofe
Isakson
Johnson (WI)
Lee
Moran
Paul
Risch
Roberts
Rubio
Sanders
Sessions
Thune
Toomey
Vitter
NOT VOTING--5
DeMint
Inouye
Kirk
McCaskill
Mikulski
[[Page S3252]]
The PRESIDING OFFICER. The 60-vote threshold having been achieved,
the nomination is confirmed.
The majority leader.
____________________