stanley fischer, who is slated to become fed vice chairman. former u.s. treasury official lael brainard is nominated to the fed's board. and current fed governor jerome powell, who is up for a second term. there is no scheduled date for the full senate vote. the clock is ticking, though! in june -- the fed will lose 4 of its current 7 members, for the first time in more than a century. the senate is expected to take up a test vote on the minimum wage later today. specifically, raising the minimum wage to $10.10 per hour from the current $7.25. the democrats would need at least five republicans to join them in order to advance it, but that's not likely to happen. despite strong public support for the wage hike, labor relations professor bob bruno says this vote is more about politics than the issue itself. "there was a time when we could pass minimum wage bills, and we did them under democrats and we did them under ronald reagan, we did them under republicans, there was a deal to be made. it's not being made now, frankly because it's clear there's party di

you have so many governors, with stanley fischer going to be confirmed, you only have one or two hawkseft. i worry it is monolithic in terms of thinking. >> to the point where what are does itg from the fed, affect transparency or the way they go about business? leavingnk stein, who is at the end of may, was very articulate and talking about a balance sheet of $4 trillion or more has risks. it runs the risk of bubbles or market dislocations. now i think that with new confirmations, you do not have a lot of diversity of thinking. were mentioning about today's treasury refunding announcement. how does that affect the paradigm? >> the fiscal restraint just mentioned is causing budget deficits to get much better. better than the cbo estimated, the omb estimated and even our they'll ares, pretty optimistic. the federal reserve is actually billionown debt, $80 this quarter. int is the largest paydown quite some time. they are cutting the amount of two-year notes and three year notes they are issuing. something they started last fall and they will do that for the next few months, reduce the a

stanley fischer very experienced. they still need to clear a senate committee in the full senate.ld be months before we get a federalrd at the reserve. assuming no one else leaves. >> this is the job physically with a 14 year term. why are we getting this turnover a lot of job security. the reality is some people are turned off by the notion of the confirmation process so they are not being considered in the first place. those that are coming to the federal reserve are not serving the full 14 years. we have been crunching the numbers. the average term for board members is now under five years. that number is dropping more recently. this harms the institutional knowledge. the idea that people there always have a fix on what has happened in the past. the longer-term was supposed to promote political independence. you could easily outlast the president who appointed you. >> one of the open jobs may go to a community bank or. is that true? >> that is right. mostames getting the mentioned in washington. both are community bankers trust .ebecca romero raney she serves on an fdic advisor

one of the most intensive notes that i saw on the dais was stanley fischer. >> potentially the new vice. >> he was really listening to what his chair with 88. >> fascinating. he was the governor of the bank of israel, comes back to the u.s., and he may not be the vice chair of the fed. >> how about guacamole? coming up, holy guacamole. california has cut into supply of all the we will discuss this, "bloomberg surveillance," on bloomberg television, streaming on your tablet, your phone, and bloomberg.com. >> how does olivia sterns do that? she is the queen. ♪ >> it is our twitter question of the day. get out your pen, pencil, we already appreciate the response @bsurveillance. is high-frequency trading a crime? we are there with six subpoenas. it is the new "new." is high-frequency trading a crime? our twitter question of the day. this is "bloomberg surveillance." i am tom keene. we welcome all of you worldwide on this thursday morning. welcome to bloomberg television and bloomberg radio. adam, get us started with top headlines. >> that unmanned submarine searching for the missing malaysi