The Senate Banking Committee will hold separate hearings next week for Jerome Powell on his nomination to a second term as Federal Reserve chair and for Lael Brainard’s elevation to vice chair.
Powell will appear by himself before the committee on Jan. 11 at 10 a.m. in Washington, the committee said in a notice on its website Tuesday. Brainard, currently a Fed governor, will testify two days later alongside Sandra Thompson, the White House nominee to head the Federal Housing Finance Agency.
President Biden has three more seats to fill on the board, including a new vice chair for supervision. Those picks, along with Powell and Brainard’s four-year terms for their slots, are all subject to approval by the full Senate.
Bloomberg News reported Monday that the White House is likely to nominate the economist Philip Jefferson for a seat on the Fed’s Board of Governors, according to people familiar with the matter, an appointment that would make him just the fourth Black man to hold the position in the central bank’s more than 100-year history.
The capital structure features initial exchangeable notes among the class A, mezzanine and B1 notes. The super senior and senior support tranches will repay noteholders on a pro-rata basis.
Note payments are linked to two tranched credit default swap (CDS) transactions, one related to the reference obligation between the issuer and SoFi Bank and SoFi Lending and the Issuer.
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
Moody's took note of several credit strengths in the portfolio, including that on a weighted average (WA) basis, the contracts have a weighted average FICO score of 767 and only a point higher for the upsized pool.