Biden Announces Three Key Fed Nominations

As expected, President Biden today nominated Sarah Bloom Raskin to serve as vice chair for supervision at the Federal Reserve Board of Governors. Raskin—a former Maryland commissioner of financial regulation—previously served on the Fed board from 2010 to 2014, and also served as deputy secretary of the Treasury under President Obama.

President Biden also announced two additional Fed board nominees: economists Lisa Cook and Philip Jefferson. Cook is currently a professor at Michigan State University who previously served on the White House Council of Economic Advisers during the Obama administration. Jefferson is a professor and administrator at Davidson College in North Carolina, and previously worked as a Fed economist.

Raskin, Cook and Jefferson join a slate of Fed nominees that also include current Fed Chair Jerome Powell—who was re-nominated by President Biden to serve a second term—and Lael Brainard, who was tapped to serve as vice chair of the board. These nominations, if approved by the Senate, would bring the Fed board back to full strength for the first time since 2013.

American Bankers Association President and CEO Rob Nichols congratulated the nominees. “If confirmed, all three would be joining the board at an important moment for our economy given the ongoing pandemic, the recent rise in inflation and other challenges,” Nichols said. “The nominees would bring a wide range of economic, regulatory and academic experience to the Board of Governors, which we have long believed benefits from having a full complement of governors from diverse backgrounds and viewpoints. We look forward to learning more about all three nominees’ positions on monetary and regulatory policies during the confirmation process.”