Three GOP Senators Back Yellen's Nomination

Tuesday, 19 Nov 2013 06:43 PM

 

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Three Senate Republicans say they’re inclined to support Janet Yellen to be chairman of the Federal Reserve, moving her nomination closer to the 60 votes she needs in the full Senate for confirmation.

Republicans Tom Coburn of Oklahoma, Lindsey Graham of South Carolina, and Susan Collins of Maine said Tuesday in interviews at the Capitol that they’d probably support Yellen when the nomination comes to the Senate floor, which could occur the week of Dec. 9.

“I’m inclined to,” Coburn said when asked if he’d back her nomination. “She’s obviously qualified. I don’t agree with a lot of her philosophy, but she’s qualified.”

Coburn is a member of the Banking Committee, which will vote Nov. 21 on Yellen’s nomination. Democrats have a two-seat edge of that panel, so could recommend her confirmation even without the Republican support.

Democrats, who control 55 seats in the Senate, are united behind Yellen. She would need the support of at least five Republicans to overcome opponents’ attempts to thwart her confirmation.

‘Inclined To’

“She seems to be a qualified lady,” Graham said of Yellen, 67. He said he’s “inclined to support her” when asked about his position on her nomination. Collins said she would be inclined to vote for Yellen.

Even with the backing of Coburn, Graham, Collins and all 55 Democrats, on the Senate floor Yellen would need the votes of two more Republicans to ensure that opponents couldn’t block her nomination. Kentucky Republican Rand Paul and Alabama Republican Richard Shelby have said they will oppose her.

At least three Republican senators — Kelly Ayotte of New Hampshire, Mike Johanns of Nebraska, and Lisa Murkowski of Alaska — said Tuesday that they hadn’t yet made up their minds about Yellen and didn’t rule out supporting her.

Yellen faces opposition from some Republicans who disapprove of the Fed’s recent monetary policy.

Republicans have opposed the bond-buying pace that has swelled the Fed’s balance sheet to almost $4 trillion. The Federal Open Market Committee began $40 billion in monthly purchases of mortgage-backed securities in September 2012 and announced the addition of $45 billion in Treasury securities to that pace in December.

Fed officials have said their current pace of purchases will continue until the labor market improves “substantially.”

‘Open’ Mind

“I haven’t made a final decision,” Johanns, who is a member of the Banking Committee, said in an interview. “But today I’m still of a mind that I’m open to her.”

Johanns predicted that Yellen probably would get the backing of at least five Republicans on the Senate floor to assure her confirmation.

“Yeah, I think that’s doable,” he said.

Senator Bob Corker, a Tennessee Republican and member of the banking panel, said he would announce his position tomorrow. He said he met with her yesterday and discussed monetary policy.

“She obviously has a lot of attributes. She’s certainly likable and has been very transparent,” Corker said. “At the same time, though, there is a view of the world that is somewhat different than mine, and I have to take that into account.”

Paul of Kentucky said he will oppose Yellen’s nomination unless he receives consideration of his measure requiring a public audit of the Federal Reserve.

In two hours of testimony before the banking panel last week Yellen indicated she’ll press on with the Federal Reserve’s unprecedented monetary stimulus until she sees a robust recovery. Yellen signaled her determination to use bond buying to strengthen the economy and lower the 7.3 percent U.S. unemployment rate.

© Copyright 2014 Bloomberg News. All rights reserved.

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