Washington, D.C. — President Biden is expected to announce his nomination today of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to the Federal Reserve Board of Governors. Ms. Bloom Raskin will serve as vice-chair for bank supervision.
“These are excellent choices to put ordinary Americans above the interests of Wall Street,” said David Arkush, managing director of Public Citizen’s Climate Program. “Every member of the Fed Board should take the agency’s full mission seriously—refusing to sacrifice employment to inflation fears, advancing racial equity within the banking system, and mitigating the grave financial threat from climate change rather than bowing to political pressure to ignore it. Biden’s slate of nominees should put the Fed on a better track.”
The three nominees mark a new chapter in the diversity of the Federal Reserve, including the first African American woman and the fourth Black man to serve on the Board. The three nominees bring a wealth of experience in government, academia, and the private sector.
“Sarah Bloom Raskin and Lisa Cook bring outstanding experience and expertise, plus a willingness to take on tough challenges,” said Arkush. “The nominations are also historic, making the Fed Board more representative of the country. The Fed sorely needs voices and perspectives that represent all Americans, particularly as workers and families struggle through a pandemic that has hit women and communities of color hardest.”
The announcement comes on the tails of the Senate confirmation hearings this week for the renomination of Chairman Jerome Powell and the nomination of Governor Lael Brainard to serve as Vice Chair of the Board of Governors of the Federal Reserve System.
“With enlightened governors soon to constitute a majority, the Federal Reserve promises to navigate a bold new path to align the nation’s financial institutions in the true service of individuals, to combat inequity, promote employment, and match bank services with what’s productive for society,” said Bartlett Naylor, financial policy advocate for Public Citizen’s Congress Watch.