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This week didn't go as planned for the Federal Reserve. Yesterday, the Committee on Banking, Housing and Urban Affairs convened to vote on President Joe Biden’s nominees for the Federal Reserve Board of Governors, only for it to be delayed after Republicans staged a boycott over Sarah Bloom Raskin, the White House’s pick for Wall Street regulator. A longtime Washington policymaker and lawyer, her nomination has been met with a lot of opposition. With no Republicans present at the meeting, the panel didn’t have a quorum and the vote was stalled. 

This wasn’t what Main Street had hoped for: Ahead of the confirmation vote, the Small Business Roundtable sent a letter of support calling for quick confirmation of nominees Dr. Lisa DeNell Cook and Dr. Philip Nathan Jefferson, noting that whoever is appointed to these positions will play an important part in shaping the post-Covid economy. “Through the Federal Reserve’s mandate to maximize employment, stabilize prices, and maintain interest rates, it will play an important part in determining small businesses’ access to capital and overall growth in the years to come,” read the letter. 

In a conversation with Forbes Contributor Rhett Buttle, Heather Boushey, a member of the Council of Economic Advisers who advises the president and the administration on economic policy, discussed the impact of the Federal Reserve on small business. “The Federal Reserve’s policy-making touches every part of the economy. They have a dual mandate to push the economy towards full employment and to ensure price stability,” said Boushey. Unfilled board seats, she said, make it more difficult for the Federal Reserve to regulate and promote financial stability. That’s why it’s important that nominees be appointed swiftly. 

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"If we can fix problems for Flexport, we can fix problems for the wider world. We have a chip on our shoulders. People should believe in us."

Ryan Petersen

Founder and CEO, Flexport

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