Manchin explains Yellen opposition

Sen. Joe ManchinJoe ManchinOPINION | 5 ways Democrats can win back power in the states Trump's Democratic tax dilemma Manchin eyed as potential pick for Energy secretary: report MORE (D-W.Va.) said he had fundamental policy disagreements with Janet Yellen, explaining his surprising vote against her nomination to head the Federal Reserve.

In a lengthy statement, Manchin said he opposed Yellen’s nomination in the Senate Banking Committee due to her continued support for the Fed’s stimulus policies.

Manchin said that Fed efforts at “quantitative easing” have been ineffective, and Yellen had given him no indication, either during her hearing or in a private meeting, that she planned to back away from the practice.

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“I believe that Dr. Yellen is a very intelligent and capable nominee, but her views and beliefs to continue quantitative easing, despite a failure to see any real gains, greatly troubles me,” he said. “We continue this risky endeavor without seeing the gains we expected… her views on the Federal Reserve’s direction force me to oppose her nomination.”

Manchin was the only Democrat on the committee to oppose Yellen’s nomination to replace Chairman Ben Bernanke at the top of the central bank. Three Republicans — Sens. Bob CorkerRobert (Bob) Phillips CorkerOPINION: Congress should censure Trump for his unfit conduct How to fix Fannie and Freddie to give Americans affordable housing No. 2 Senate Republican backs McConnell in Trump fight MORE (Tenn.), Mark KirkMark KirkImmigration critics find their champion in Trump Trump's nominee to lead USAID has the right philosophy on international aid McConnell: Senate to try to repeal ObamaCare next week MORE (Ill.) and Tom CoburnTom CoburnAl Franken: 'I make fun of the people who deserved it' The more complex the tax code, the more the wealthy benefit Congress, stop using our nation's military policy for political purposes MORE (Okla.) — joined Democrats in supporting the nomination. Yellen advanced by a vote of 14-8.

Every member that bucked his party gave similar justifications for their vote. For Republicans, they all said they did not agree with Yellen’s support for the Fed’s stimulus policies, but pointed to her unquestionable qualifications as reasons to back the pick. For Manchin, he praised her experience, but pointed to her policy outlook as a reason to oppose.

Yellen’s nomination now advances to the full Senate. She was expected to be confirmed by the chamber even before Senate Democrats agreed to change procedural rules to allow nominations to be confirmed by a simple majority.