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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 CorkerCorker: US must determine responsibility in Saudi journalist's death Dem senator calls for US action after 'preposterous' Saudi explanation Schumer: Fight for Senate is 'neck and neck' MORE (R-Tenn.), Mark KirkMark Steven KirkThis week: Trump heads to Capitol Hill Trump attending Senate GOP lunch Tuesday High stakes as Trump heads to Hill MORE (R-Ill.) and Tom CoburnThomas (Tom) Allen CoburnAmerican patients face too many hurdles in regard to health-care access Live coverage: Donnelly, Braun clash in Indiana debate The Hill's Morning Report — How will the Kavanaugh saga impact the midterms? 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 ManchinJoseph (Joe) ManchinFive takeaways from testy Heller-Rosen debate in Nevada Blankenship endorses ex-W.Va. GOP Senate rival, calls him 'lying' drug lobbyist Conservatives bankrolled and dominated Kavanaugh confirmation media campaign 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 RubioMeghan McCain calls Russian attacks against her father the 'highest compliment' to her family The Memo: Saudi storm darkens for Trump GOP leaders hesitant to challenge Trump on Saudi Arabia MORE (R-Fla.). Sen. Rand PaulRandal (Rand) Howard PaulSaudi mystery drives wedge between Trump, GOP Noisy democracy, or rude people behaving like children? Lawmakers, Wall Street shrug off Trump's escalating Fed attacks 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 CruzElection Countdown: Small-donor donations explode | Russian woman charged with midterm interference | Takeaways from North Dakota Senate debate | O'Rourke gives 'definitive no' to 2020 run | Dems hope Latino voters turn Arizona blue White vote is 'fundamental problem' for Texas Dems, political analysts says Houston Chronicle endorses Beto O'Rourke in Texas Senate race MORE (R-Texas) has joined that cause.