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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 CorkerRobert (Bob) Phillips CorkerFox News inks contributor deal with former Democratic House member Senate GOP faces retirement brain drain Roy Blunt won't run for Senate seat in 2022 MORE (R-Tenn.), Mark KirkMark Steven KirkDuckworth announces reelection bid Brave new world: Why we need a Senate Human Rights Commission  Senate majority battle snags Biden Cabinet hopefuls MORE (R-Ill.) and Tom CoburnThomas (Tom) Allen CoburnCongress brings back corrupt, costly, and inequitably earmarks Conservative group escalates earmarks war by infiltrating trainings Democrats step up hardball tactics in Supreme Court fight 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 ManchinBiden dispatches Cabinet members to sell infrastructure plan On The Money: Treasury creates hub to fight climate change | Manchin throws support behind union-backed PRO Act | Consumer bureau rolls out rule to bolster CDC eviction ban Miners union to back Biden on green energy if it retains jobs 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 Antonio RubioOn The Money: Senate GOP faces post-Trump spending brawl | Senate confirms SEC chief Gensler to full five-year term | Left-leaning group raises concerns about SALT cap repeal Senate GOP faces post-Trump spending brawl 15 Senate Republicans pledge to oppose lifting earmark ban MORE (R-Fla.). Sen. Rand PaulRandal (Rand) Howard PaulOn The Money: Senate GOP faces post-Trump spending brawl | Senate confirms SEC chief Gensler to full five-year term | Left-leaning group raises concerns about SALT cap repeal Senate GOP faces post-Trump spending brawl 15 Senate Republicans pledge to oppose lifting earmark ban MORE (R-Ky.) has called for a vote on his bill fully auditing the Fed’s activities before considering her nomination, and Sen. Ted CruzRafael (Ted) Edward CruzOn The Money: Senate GOP faces post-Trump spending brawl | Senate confirms SEC chief Gensler to full five-year term | Left-leaning group raises concerns about SALT cap repeal Biden watching Derek Chauvin verdict from West Wing Cruz opposed to state lawmaker's bid to replace Wright in Congress MORE (R-Texas) has joined that cause.