Support Letter for Lisa Cook, Sarah Bloom Raskin, and Philip Jefferson

Download the pdf of this letter here. 

February 2nd, 2022

The Honorable Sherrod Brown
503 Hart Senate Office Building
120 Constitution Avenue, NE
Washington, D.C. 20002

 

Dear Senator Brown,

We are leaders of organizations fighting for racial, social, economic, and climate justice in the U.S. and globally. We write in strong support of the nominations of Lisa Cook, Sarah Bloom Raskin, and Philip Jefferson to the Federal Reserve Board of Governors. These nominees are committed to maintaining stability in our economy in the midst of the pandemic, encouraging economic growth that benefits all working people, and fighting the impacts of inflation, all while preserving the independence of the Fed.

Currently a professor of economics and international relations at Michigan State University, Dr. Cook’s government service and her expertise as an economist in public service, research, and academia will bring a vital new perspective to the Fed. As a senior economist on President Obama’s Council of Economic Advisers, Lisa Cook played a leading role in documenting the major economic issues in the aftermath of the 2008 financial crisis. Dr. Cook’s extensive knowledge of the nuances of Black employment will provide much-needed input at the Fed in its efforts to achieve Chair Powell’s priority of broad maximum employment. She is a highly respected economist and has held visiting appointments at the National Bureau of Economic Research and four Federal Reserve Regional Banks, in addition to sitting on the Board of the Federal Reserve Bank of Chicago. When confirmed, Dr. Cook will be the first African-American woman to join the Federal Reserve Board.

Dr. Jefferson will also bring valuable experience and expertise. His research has focused on the effects of macroeconomic and monetary policy on employment, economic growth, poverty rates, and household finances—issues at the center of the Fed’s mandate. Dr. Jefferson has worked at the Fed twice, as an economist in the board’s monetary affairs division and as a research assistant in the fiscal analysis department. He has also worked with regional Fed banks in Minneapolis, Washington, and New York. Drs. Jefferson and Cook would help as Chair Powell examines the role of race in the Federal Reserve’s work. 

 A former Deputy Secretary of the Treasury and Fed Board governor, Sarah Bloom Raskin is an experienced public servant and bank supervisor, with a deep understanding of the supervisory process, who is also informed by her private sector experience. Bloom Raskin was deeply involved in the response to the 2008 financial crisis and shoring up the nation’s critical financial infrastructure. In all of her public roles, Bloom Raskin has earned bipartisan praise for her competence, her willingness to take on tough problems, her ability to bring people together, and her attentiveness to the needs of small financial institutions. The Vice Chair for Supervision is vital to protecting the safety and soundness of individual banks and the stability of the financial system. Raskin is well-suited to look out for emerging risks to financial stability and determine how to respond to them, in addition to being versed in new potential threats such as climate change and cybersecurity. Her expertise on climate change and finance will help support Chair Powell’s commitment to prioritize this issue and advance the Fed’s mandate to protect financial stability.

We believe that these nominees’ depth of scholarship combined with bipartisan experience and diverse coalition of supporters indicate that they would be powerful additions to the Federal Reserve Board of Governors. Please move to swiftly confirm this historic slate of nominees.

Thank you,

198 methods

20/20 Vision DC

350 Eugene

350 San Francisco

350 Seattle

350 Triangle

350.org

Accelerate Neighborhood Climate Action

ACES 4 Youth-Area Consortium of 

Educational Service for Our Youth

Action Center on Race & the Economy

AFL-CIO

American Federation of State, County and 

Municipal Employees (AFSCME)

Americans for Financial Reform

Animals Are Sentient Beings, Inc.

Atmos Financial

Banking for Climate

Businesses for a Livable Climate

California Reinvestment Coalition

Call to Action Colorado

Capitol Heights Presbyterian

CatholicNetwork US

Center for Digital Democracy

Center for Economic and Policy Research 

Center for Responsible Lending

Clean Energy Action 

Climate Action Rhode Island

Climate Hawks Vote

Climate Reality Project: Dallas-Fort 

Worth Chapter

CO Businesses for a Livable Climate

Color Of Change

Committee for Better Banks

Communications Workers of America

Community for Sustainable Energy

Consumer Action

Democratic Socialists of America

Empire Justice Center

Empower our Future

Evergreen Action

Extinction Rebellion San Francisco 

Bay Area 

Fed Up

First Faith Baptist Church 

Food & Water Watch

FreshWater Accountability Project 

Friends of the Earth US

Greenpeace USA

Honor the Earth

Indigenous Environmental Network

Indivisible Ambassadors

Indivisible Colorado

Institute for Agriculture and Trade Policy

Institute for Local Self-Reliance

Institute for Market Transformation (IMT)

Joy Southfield Community Development 

Corporation

League of Conservation Voters

Liberation in a Generation

Main Street Alliance

Mayfair Park Neighborhood Association Board

Mental Health & Inclusion Ministries

National Community Reinvestment Coalition

National Housing Resource Center

National Urban League

New York Communities for Change

North Range Concerned Citizens 

Oil Change International

Open Markets Institute

Our Climate

Positive Money US

Progressive Change Campaign Committee

Prosperity Now

Public Citizen

Public Good Law Center

RapidShift Network

Revolving Door Project

Save EPA

Seiu local 26

Service Employees International Union 

Sierra Club

Small Business Alliance

SoCal 350 Climate Action

Society of Native Nations

Stand.earth

Strong Economy For All Coalition

Sunrise Movement

System Change Not Climate Change

Take on Wall Street

Terra Advocati

Texas Campaign for the Environment

The Freedom BLOC

The Green House Connection Center

Unite North Metro Denver

United Auto Workers

Voices for Progress

Wall of Women

Western Slope Businesses for a Livable Climate

Wisdom’s Well

Download the letter here.