Biden taps Raskin as Fed’s top bank regulator & nominates leading economics professors Cook, Jefferson as Fed governors

WASHINGTON, DC – Today, after the White House announced the nomination of former Federal Reserve Governor Sarah Bloom Raskin for Vice Chair for Supervision at the central bank, along with leading economists Lisa D. Cook from Michigan State University and Philip Jefferson from Davidson College in North Carolina, to fill out the Fed’s seven-member board, U.S. Senator Jack Reed (D-RI), a senior member of the Banking, Housing and Urban Affairs Committee, issued the following statement:

“This is a strong, talented, and diverse slate of nominees to the Fed’s Board of Governors.  I commend President Biden for tapping such a well-qualified group of candidates who have a deep understanding of monetary policy.  These nominees will keep the Fed focused on inclusive, long-term job growth while ensuring the Fed is more representative of the people it serves.  President Biden is signaling his commitment to putting families and workers first and holding Wall Street accountable.  

“Sarah Bloom Raskin is an outstanding choice to be the Fed’s top banking regulator.   She is a true policy expert and a responsible steward of our economy and monetary policy.  She will help protect our financial system and hardworking families’ pocketbooks while growing our economy and boosting efforts to create the jobs of the future. 

“Lisa Cook has an impressive resume that includes work at the White House’s Council of Economic Advisers, as well as previous stints with Federal Reserve Banks of New York, Chicago, Minneapolis, and Philadelphia, which should serve her well in this new post.  Dr. Cook would be the first Black woman to serve on the Fed’s board of governors.

“Philip Jefferson is eminently qualified.  In addition to his impressive academic credentials he has served as an economist for both the Fed’s board of governors and the New York Fed.

“No one can deny that people of color have been largely excluded from top positions at economic and regulatory agencies.  These appointments will help reverse that trend.  And these highly qualified nominees are in keeping with the Fed’s goal of building a more just financial system and promoting inclusive economic growth and development.”

“Together, these nominees will help the Fed carry out responsible, forward-looking actions and policies to boost our economy, maintain low unemployment, and control inflation.”