“NO” on Confirmation of Lael Brainard
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.
Vote Results
Club Position
No
Required for Majority
1/2
Vote Results
Passed
Vote Number
136
Vote Date
April 26, 2022
Vote Counts
YEAs:
52
NAYs:
43
Not Voting:
5
Bob Casey
PA
D
A
Christopher Coons
DE
D
A
Christopher Murphy
CT
D
A
Gary Peters
MI
D
A
Ron Wyden
OR
D
A
John Barrasso
WY
R
N
Marsha Blackburn
TN
R
N
Roy Blunt
MO
R
N
John Boozman
AR
R
N
Mike Braun
IN
R
N
Richard Burr
NC
R
N
Shelley Moore Capito
WV
R
N
Bill Cassidy
LA
R
N
John Cornyn
TX
R
N
Tom Cotton
AR
R
N
Kevin Cramer
ND
R
N
Ted Cruz
TX
R
N
Steve Daines
MT
R
N
Joni Ernst
IA
R
N
Deb Fischer
NE
R
N
Chuck Grassley
IA
R
N
Josh Hawley
MO
R
N
John Hoeven
ND
R
N
Cindy Hyde-Smith
MS
R
N
James Inhofe
OK
R
N
Ron Johnson
WI
R
N
John Kennedy
LA
R
N
James Lankford
OK
R
N
Mike Lee
UT
R
N
Roger Marshall
KS
R
N
Mitch McConnell
KY
R
N
Jerry Moran
KS
R
N
Lisa Murkowski
AK
R
N
Rand Paul
KY
R
N
Rob Portman
OH
R
N
Jim Risch
ID
R
N
Mitt Romney
UT
R
N
Marco Rubio
FL
R
N
Ben Sasse
NE
R
N
Rick Scott
FL
R
N
Tim Scott
SC
R
N
Richard Shelby
AL
R
N
Dan Sullivan
AK
R
N
John Thune
SD
R
N
Thom Tillis
NC
R
N
Pat Toomey
PA
R
N
Tommy Tuberville
AL
R
N
Roger Wicker
MS
R
N
Tammy Baldwin
WI
D
Y
Michael Bennet
CO
D
Y
Richard Blumenthal
CT
D
Y
Cory Booker
NJ
D
Y
Sherrod Brown
OH
D
Y
Maria Cantwell
WA
D
Y
Benjamin Cardin
MD
D
Y
Thomas Carper
DE
D
Y
Susan Collins
ME
R
Y
Catherine Cortez Masto
NV
D
Y
Mike Crapo
ID
R
Y
Tammy Duckworth
IL
D
Y
Richard Durbin
IL
D
Y
Dianne Feinstein
CA
D
Y
Kirsten Gillibrand
NY
D
Y
Lindsey Graham
SC
R
Y
Bill Hagerty
TN
R
Y
Maggie Hassan
NH
D
Y
Martin Heinrich
NM
D
Y
John Hickenlooper
CO
D
Y
Mazie Hirono
HI
D
Y
Tim Kaine
VA
D
Y
Mark Kelly
AZ
D
Y
Angus King
ME
I
Y
Amy Klobuchar
MN
D
Y
Patrick Leahy
VT
D
Y
Ben Lujan
NM
D
Y
Cynthia Lummis
WY
R
Y
Joe Manchin
WV
D
Y
Edward Markey
MA
D
Y
Robert Menendez
NJ
D
Y
Jeff Merkley
OR
D
Y
Patty Murray
WA
D
Y
Thomas Ossoff
GA
D
Y
Alex Padilla
CA
D
Y
Jack Reed
RI
D
Y
Jacky Rosen
NV
D
Y
Mike Rounds
SD
R
Y
Bernie Sanders
VT
I
Y
Brian Schatz
HI
D
Y
Chuck Schumer
NY
D
Y
Jeanne Shaheen
NH
D
Y
Kyrsten Sinema
AZ
D
Y
Tina Smith
MN
D
Y
Debbie Stabenow
MI
D
Y
Jon Tester
MT
D
Y
Chris Van Hollen
MD
D
Y
Mark Warner
VA
D
Y
Raphael Warnock
GA
D
Y
Elizabeth Warren
MA
D
Y
Sheldon Whitehouse
RI
D
Y
Todd Young
IN
R
Y