![]() Jefferson would be just the fourth Black man to serve on the Fed board since its creation in 1913. Cook would be the first Black woman to join the Fed board if confirmed by the Senate, and women would make up a majority on a fully seated Fed board for the first time if she, Raskin and Brainard are all confirmed. He is also an adviser to the Minneapolis Fed and former president of the National Economics Association.īiden's latest nominees would also mark several first for the Fed. Jefferson, also the vice president for academic affairs at Davidson, was an economist for the Fed board and spent decades in several research and professorial positions. She is currently a member of the Chicago Fed's advisory board. She's held research and leadership roles at Harvard University and Stanford University and visiting appointments at several regional reserve banks. She was also commissioner of financial regulation for the state of Maryland and was considered a front-runner to serve as Treasury secretary under Biden.Ĭook is a widely respected economics professor who served in the White House Council of Economic Advisers under former President Obama. Raskin, now a law professor at Duke University, served as deputy Treasury secretary and a Fed board member during the Obama administration. Raskin, Cook and Jefferson were long considered likely picks for three open positions on the Board of Governors, which includes up to seven members, three of which serve as chair, vice chair and vice chair of supervision. "That is why I am proud to nominate Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson, who will bring a breadth of knowledge, experience and expertise to the Board of Governors." This is a moment that calls for sound, independent leadership from the Board of Governors at the Federal Reserve," Biden said in a statement. "We are at a moment of historic economic progress alongside unique economic challenges as we work to drive our recovery forward. ![]() Biden's latest picks, first reported Thursday night, followed his renomination of Fed Chairman Jerome Powell and appointment of Fed board member Lael Brainard to serve as vice chair in December. ![]()
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