The Senate Banking Committee narrowly approved President Trump’s nomination of Carnegie Mellon University Professor Marvin Goodfriend to sit on the Federal Reserve Board.
The 13-12 vote along party lines means his confirmation is up for grabs in the full Senate, where it’s unclear whether Republicans can muster enough votes to secure him the post.
Republicans control the Senate 51-49. However, Arizona’s John McCain is home battling cancer. Should every Democrat vote against him when his nomination next advances to a floor vote, as few as two “no” votes from Republicans would block Goodfriend.
Four Republicans voted against Trump’s nominee for Fed chairman, Jerome Powell, when he was approved by the full Senate on Jan. 23 by a tally of 84 to 13. Some of Goodfriend’s views could inspire opposition from the same group, which include Kentucky’s Rand Paul and Ted Cruz of Texas.
From the start, Goodfriend, a former research director of the Richmond Fed, faced more opposition among Democrats than did Powell because of his views emphasizing the importance of keeping inflation close to the Fed’s 2 percent target over its other mandated goal of maximizing employment. His support among moderate Democrats has significantly weakened since a contentious confirmation hearing last month, in which he struggled to defend his views.
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