Big business takes on Rand Paul
The Chamber of Commerce took aim on Tuesday at Rand Paul, tea party darling, for blocking confirmation of Fed board nominees.
WASHINGTON (CNNMoney)
The seven-member Federal Reserve, which includes chief Janet Yellen, is short of three board members. A fourth seat will open up on May 28th, when board member Jeremy Stein steps down.
Related: 2 trends Janet Yellen calls 'disturbing'
"The Federal Reserve needs those positions filled now with suitable individuals," wrote Chamber Deputy Chief Economist J.D. Foster in the post. "Senator Paul should make his point, and then allow the Senate to work its will."
It's just the latest sign of a louder, even more politically involved Chamber, which is expected to spend $50 million during the 2014 mid-term elections.
The group, which represents the largest U.S. businesses, is increasingly taking on tea party candidates within the Republican Party.
At the Republican primaries being held Tuesday, the Chamber has spent $4 million to defeat tea party challengers in Idaho, Georgia, Kentucky and Oregon, according to a source familiar with the spending. (Spending records won't be released until after the election).
And two weeks ago, the Chamber's President Tom Donohue suggested, jokingly, that the GOP shouldn't run a presidential candidate unless it can pass legislation to reform immigration this year. House Republicans have yet to consider a Senate immigration bill that passed last June.
It's a far cry from 2010, when the Chamber spent $33 million to usher many tea party favorites into Congress, including Sen. Paul.
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Big business takes on Rand Paul