President Biden's Build Back Better Act, government funding, Fed nominations, voting rights, and a research and development bill are all on Congress' to-do list.
But Manchin never endorsed it. He expressed concerns that the bill would further fuel inflation. He also criticized his party for using revenue generated over a decade to fund programs that, in some cases, would expire after a few years or less.
The Fed's board is comprised of seven members including the chair and vice chair. With Vice Chair for Supervision Randal Quarles having left and Vice Chair Richard Clarida's term expiring at the end of January, Biden has multiple board seats to fill in 2022. While Biden said at the time that he looked forward to signing the bipartisan legislation, the bill has since been stuck in the House thanks to disagreements between the chambers.
Schumer, a longtime China hawk in the Democratic Party and champion of the current legislation, tried to attach the competition bill to the latest National Defense Authorization Act before meeting GOP resistance and abandoning the effort. If the party opts to rekindle Biden's embattled Build Back Better legislation, they could risk losing bipartisan support weeks later.
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