The Federal Reserve Board is the seven-member panel that controls U.S. money supply and interest rates. President Clinton nominated Gramlich for the spot in July, and the Senate Banking Committee began hearings on Gramlich's nomination yesterday. The chairman has indicated he wants to move the nominations out of committee next week. He did not indicate any opposition. If Gramlich is confirmed by the committee, he will move to the Senate floor for a final vote that would either confirm or deny the appointment.
Any senator can hold up the nomination.
Another congressional source close to the Banking Committee said there is a chance that senators will delay the final vote on Gramlich's appointment in a similar manner to the delay of current Fed Chair Alan Greenspan's final confirmation. So if it were held up, it would not be a reflection on Gramlich. Senators who are concerned the Fed is overly concerned with stopping inflation by raising interest rates would hold up Gramlich to make a point. However, some Senate experts said it is unlikely that Gramlich's confirmation will be held up. Things can go wrong, but I don't see that happening in this case.