Procedural move will delay top Fed, FHA, FDIC nominations
WASHINGTON — More than 100 pending Trump administration nominees must update their financial disclosures and have the White House resubmit their names for consideration by the Senate, including Fed Chair-designate Jerome Powell and Federal Deposit Insurance Corp. Chair-designate Jelena McWilliams.
When the Senate adjourned for the year, it did so without an agreement among senators that all pending nominations remain in play. According to published reports, Democrats were unwilling to go along with an agreement due to concerns about many of the nominees' qualifications.
As a result, the administration must refile the paperwork for all outstanding nominations. That will delay the confirmation of top regulators, but it is highly unlikely to derail them.
"We generally assume that this procedural delay will add an additional 3-6 weeks to our estimated confirmation timelines," wrote Isaac Boltansky, an analyst with Compass Point.
The biggest impact for banks will be for Powell, whose confirmation may be pushed back to mid-February, according to Boltansky. Also affected is McWilliams, but as she has not had her confirmation hearing yet, her nomination was not expected to be acted upon in the immediate future.
Also impacted are Brian Montgomery, as head of the Federal Housing Administration; and Randal Quarles, who was confirmed last year as Fed vice chairman of banking supervision, and for a brief term on the Fed board, but must still be confirmed for a longer term as a member of the board.
Boltansky said Montgomery's confirmation could be delayed until late February or sometime in March.