The ranking member of the Senate Banking Committee is challenging President Joe Biden’s slate of nominees to the Federal Reserve Board of Governors, according to a letter released Tuesday.
“I write to express my concerns with the significant lack of diversity in geography and professional experience in your recent slate of nominees to serve on the Board of Governors of the Federal Reserve System,” wrote Pennsylvania Sen. Pat Toomey. The Federal Reserve Act mandates that the president select “not more than one” member from each Federal Reserve district, but four of the recent nominees are all from the Fifth District.
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