President Joe Biden will nominate three people to the Federal Reserve Board of Governors, including former Fed and Treasury officials Sarah Bloom Ruskin and Lisa DeNell Cook , who will become the first black woman to serve on the Federal Reserve System’s Board of Governors
President Joe Biden submits three nominations to the Federal Reserve in the Senate, including former Fed employee Sarah Bloom Ruskin for maximum regulatory space and Lisa Cook ), The U.S. president submitted Raskin’s name late Thursday as his nomination for the Fed’s vice president for Senate oversight,
Biden looks to reshape Fed with a historically diverse slate
Biden has already appointed Fed President Jerome Powell for a second term and has promoted Fed Chairman Lael Brainard to vice president. Raskin, 60, was originally nominated for a Fed position in 2010 alongside Janet Yellen, who later became Fed Chair and currently serves as Treasury Secretary.
Biden also named Philip Jefferson, an economist, faculty dean of Davidson College in North Carolina, and a former Fed researcher, and promoted Fed Chairman Lael Brainard, the only Democratic central bank, to vice president.
People close to the Fed and the White House predicted that Biden would use a more progressive banking regulator like Raskin to balance out Powell, the Republican who was originally picked in the first place by former President Trump.
Biden also nominated Kamala Harris who is the first African-American vice president of the USA with the largest national race. Biden has always shown his support towards black figures. And it is not the first time in the case of the Fed’s Powerful Vice Chair .
Raskin’s nomination for Fed regulation chief would put Wall Street on notice
The nominees will round out President Joe Biden’s seven-seat Fed board slate, appealing to Democrats who are pushing for greater oversight of Wall Street and those who are pushing for more diversity in the Fed’s senior leadership. a tougher confirmation battle between Senate Republicans and some moderate Democrats who argue that climate issues don’t quite fit with the Fed’s mandate of stable prices and full employment, or are about banking supervision
She is also believed to be committed to incorporating climate change considerations into the Fed’s oversight of banks. Raskin is a former Maryland financial regulator who previously served on the Fed’s board during the Obama administration. Powell, Brainard, and Ruskin were previously confirmed by the Senate.
Conclusion
By nominating Lisa cook would be a historical decision in the history of FED and America and it’ll be a proud moment for all of American as the perception is changing and black are getting equal rights and treatment of what they deserve.
