“NO” on Confirmation of Lael Brainard

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The Club for Growth opposes the confirmation of Lael Brainard to be Vice Chairman of the Board of Governors of the Federal Reserve, and urges all Senators to vote NO. A vote is likely to occur soon. The results of this vote will be included in the Club for Growth Foundation’s 2022 congressional scorecard.

The Federal Reserve’s Board of Governors is expected to be comprised of nonpartisan, highly qualified individuals that lead the central bank implementing America’s monetary policy. Yet at the time of historic levels of inflation, the Biden administration has nominated a partisan radical to be Vice Chairman. Brainard’s political activity surrounding the Presidential Campaign of Hillary Clinton is evidence she was angling for a quid pro quo and “pay to play” to receive a nomination to be the Chairman of the Federal Reserve as far back as 2016. Six years later, President Biden has rewarded her partisan loyalty with this nomination.

On policy, Brainard’s views and positions are alarming. Her inability to embrace capitalism or reject socialism shows she will not be a nonpartisan voice on the Board of Governors but will be a radical liberal. Club for Growth is highly concerned about new regulations from the Federal Reserve, and Brainard’s experience proves she will increase regulatory burdens that stifle economic growth. She’s also been an activist on global warming. The Fed should not have an environmental activist pushing Green New Deal policies, but should be focused firmly on monetary policies that create, sustain, and embrace economic freedom.

Brainard is wrong about U.S. inflation. The inflation America is currently experiencing is not “transitory” but is an economic reaction to Biden’s policies that are pushing America closer to an economic recession every day. Brainard’s refusal to take the inflation threat seriously jeopardizes the economic recovery necessary to stabilize the U.S. economy.

Finally, Brainard has pushed for the U.S. to create a cryptocurrency and digital dollar backed by the Central Bank. This is a terrible idea. Free markets are why innovative cryptocurrencies are awesome. The best way to compete with China’s digital currency would be to embrace free markets, not to involve government in creating a so-call competitor.

Club for Growth Foundation’s Congressional Scorecard for the 117th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to the public.

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Vote Results

Club Position

No

Required for Majority

1/2

Vote Results

Passed

Vote Number

0

Vote Date

April 26, 2022

Vote Counts

YEAs:

52

NAYs:

43

Not Voting:

5

Name

State

Party

Vote Position

Tammy Baldwin

WI

D

Yea

John Barrasso

WY

R

Nay

Michael Bennet

CO

D

Yea

Marsha Blackburn

TN

R

Nay

Richard Blumenthal

CT

D

Yea

Roy Blunt

MO

R

Nay

Cory Booker

NJ

D

Yea

John Boozman

AR

R

Nay

Mike Braun

IN

R

Nay

Sherrod Brown

OH

D

Yea

Richard Burr

NC

R

Nay

Maria Cantwell

WA

D

Yea

Shelley Moore Capito

WV

R

Nay

Benjamin Cardin

MD

D

Yea

Thomas Carper

DE

D

Yea

Robert Casey

PA

D

NV

Bill Cassidy

LA

R

Nay

Susan Collins

ME

R

Yea

Christopher Coons

DE

D

NV

John Cornyn

TX

R

Nay

Catherine Cortez Masto

NV

D

Yea

Tom Cotton

AR

R

Nay

Kevin Cramer

ND

R

Nay

Mike Crapo

ID

R

Yea

Ted Cruz

TX

R

Nay

Steve Daines

MT

R

Nay

Tammy Duckworth

IL

D

Yea

Richard Durbin

IL

D

Yea

Joni Ernst

IA

R

Nay

Dianne Feinstein

CA

D

Yea

Deb Fischer

NE

R

Nay

Kirsten Gillibrand

NY

D

Yea

Lindsey Graham

SC

R

Yea

Chuck Grassley

IA

R

Nay

Bill Hagerty

TN

R

Yea

Maggie Hassan

NH

D

Yea

Josh Hawley

MO

R

Nay

Martin Heinrich

NM

D

Yea

John Hickenlooper

CO

D

Yea

Mazie Hirono

HI

D

Yea

John Hoeven

ND

R

Nay

Cindy Hyde-Smith

MS

R

Nay

James Inhofe

OK

R

Nay

Ron Johnson

WI

R

Nay

Tim Kaine

VA

D

Yea

Mark Kelly

AZ

D

Yea

John Kennedy

LA

R

Nay

Angus King

ME

I

Yea

Amy Klobuchar

MN

D

Yea

James Lankford

OK

R

Nay

Patrick Leahy

VT

D

Yea

Mike Lee

UT

R

Nay

Ben Lujan

NM

D

Yea

Cynthia Lummis

WY

R

Yea

Joe Manchin

WV

D

Yea

Edward Markey

MA

D

Yea

Roger Marshall

KS

R

Nay

Mitch McConnell

KY

R

Nay

Robert Menendez

NJ

D

Yea

Jeff Merkley

OR

D

Yea

Jerry Moran

KS

R

Nay

Lisa Murkowski

AK

R

Nay

Christopher Murphy

CT

D

NV

Patty Murray

WA

D

Yea

Thomas Ossoff

GA

D

Yea

Alex Padilla

CA

D

Yea

Rand Paul

KY

R

Nay

Gary Peters

MI

D

NV

Rob Portman

OH

R

Nay

Jack Reed

RI

D

Yea

Jim Risch

ID

R

Nay

Mitt Romney

UT

R

Nay

Jacky Rosen

NV

D

Yea

Mike Rounds

SD

R

Yea

Marco Rubio

FL

R

Nay

Bernie Sanders

VT

I

Yea

Ben Sasse

NE

R

Nay

Brian Schatz

HI

D

Yea

Chuck Schumer

NY

D

Yea

Rick Scott

FL

R

Nay

Tim Scott

SC

R

Nay

Jeanne Shaheen

NH

D

Yea

Richard Shelby

AL

R

Nay

Krysten Sinema

AZ

D

Yea

Tina Smith

MN

D

Yea

Debbie Stabenow

MI

D

Yea

Dan Sullivan

AK

R

Nay

Jon Tester

MT

D

Yea

John Thune

SD

R

Nay

Thom Tillis

NC

R

Nay

Pat Toomey

PA

R

Nay

Tommy Tuberville

AL

R

Nay

Chris Van Hollen

MD

D

Yea

Mark Warner

VA

D

Yea

Raphael Warnock

GA

D

Yea

Elizabeth Warren

MA

D

Yea

Sheldon Whitehouse

RI

D

Yea

Roger Wicker

MS

R

Nay

Ron Wyden

OR

D

NV

Todd Young

IN

R

Yea

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