Conservative group targets Yellen vote

Janet Yellen’s nomination to take over the Federal Reserve ran into conservative opposition on Monday as the advocacy arm of the Heritage Foundation urged senators to vote against her.

Heritage Action announced Monday that it would include a vote on Yellen’s nomination, which is expected to take place in December, on its congressional scorecard. A vote in favor of Yellen will be rated negatively.

The group argues Yellen has failed to present a plan to wind down the Fed’s massively expanded portfolio and said that is reason for the Senate to block her nomination.

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The Fed has faced heavy GOP scrutiny as Chairman Ben Bernanke, with Yellen’s backing, has led the central bank to take unprecedented steps to boost the economy. Interest rates have been kept near zero for years, and the Fed is buying billions of dollars a month in bonds in an effort to further lower rates and boost lending.

Conservatives have warned this accommodative policy is ineffective and carries significant dangers when it comes time to remove that stimulus. Fed officials are preparing to begin slowing the support in the coming months.

In addition to blasting Fed policy, Heritage Action also criticized the Fed’s expanded role in the wake of the financial crisis and enactment of the Dodd-Frank financial reform law. The regulator offered a massive lifeline to financial institutions during the financial meltdown via a host of emergency loans, and now plays a significant role with other regulators in implementing the landmark financial overhaul.

Despite the growing conservative opposition, Yellen had been expected to receive enough votes for confirmation — and that was before Senate Democrats changed the rules last week to ensure majority votes on nominees. Now Yellen can be confirmed with just Democratic votes.

If confirmed, Yellen would become the first ever female head of the Fed.

During her confirmation hearing, Yellen, the Fed's current vice chair, stuck by its policies while acknowledging they must be wound down at some point.

She received the backing of three GOP senators on the Senate Banking Committee when that panel approved her earlier this month. Sens. Bob CorkerBob CorkerLawmakers wary of Trump escalation in Syria Saudis say Qatar demands are non-negotiable Overnight Finance: GOP divided over welfare cuts in budget | Lawmaker loses M on pharma stock he pitched | Yellen says another financial crisis unlikely in our lifetimes MORE (R-Tenn.), Mark KirkMark KirkGOP senator defends funding Planned Parenthood Why Qatar Is a problem for Washington Taking the easy layup: Why brain cancer patients depend on it MORE (R-Ill.) and Tom CoburnTom Coburn'Path of least resistance' problematic for Congress Freedom Caucus saved Paul Ryan's job: GOP has promises to keep Don't be fooled: Carper and Norton don't fight for DC MORE (R-Okla.) all backed her nomination, while the remaining seven Republicans opposed her.

Yellen does not enjoy unanimous support among Democrats, even though several openly advocated for her nomination this summer. Sen. Joe ManchinJoe ManchinFood Network star honors veterans with dessert feast Dems face identity crisis This week: Senate races toward ObamaCare repeal vote MORE (D-W.Va.), citing his concerns with Fed policies, voted against Yellen in committee.

A handful of Republican senators have announced they plan to vote against Yellen on the Senate floor, including Sen. Marco RubioMarco RubioSenators urge Trump to do right thing with arms sales to Taiwan Why liberals should support Trump — not Obama — on Cuba policy The Memo: Trump seeks to put his stamp on nation MORE (R-Fla.). Sen. Rand PaulRand PaulThree more GOP senators announce opposition to healthcare bill Rand Paul: Trump 'open to making bill better' Senate GOP delays ObamaCare repeal vote past recess MORE (R-Ky.) has called for a vote on his bill fully auditing the Fed’s activities before considering her nomination, and Sen. Ted CruzTed CruzThree more GOP senators announce opposition to healthcare bill Senate GOP delays ObamaCare repeal vote past recess Club for Growth opposes Senate ObamaCare repeal bill MORE (R-Texas) has joined that cause.