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Biden to nominate Raskin, 2 others to Fed board

6 days ago 9

By naming Sarah Bloom Raskin, a former Fed governor and onetime deputy Treasury secretary, Biden is putting in place an aggressive regulator who has pressed for tougher oversight of Wall Street. | CQ Roll Call via AP Images

President Joe Biden will name three nominees to open slots on the Federal Reserve board as early as tonight, including progressive favorite Sarah Bloom Raskin for the top job overseeing the nation’s banks, according to three people familiar with the matter.

In addition to Raskin, Biden is set to tap Lisa Cook and Philip Jefferson, both Ph.D. economists with a strong focus on labor markets, the people said. They would join only a handful of Black Americans who have been tapped for those coveted posts in the history of the Fed.

“President Biden has nominated a serious, qualified, nonpartisan group of five nominees for the Board of Governors of the Federal Reserve who together will bring an extraordinary amount of skill, experience, and competence to the Federal Reserve,” one of the people said.

By naming Raskin, a former Fed governor and onetime deputy Treasury secretary, Biden is putting in place an aggressive regulator who has pressed for tougher oversight of Wall Street. The choice could also mollify financial regulation advocates who have slammed Chair Jerome Powell for easing rules on big financial firms and not doing more to combat climate change.

His selections would also put a solid Democratic stamp on the central bank, strengthening the Fed’s focus on the well-being of American workers as well as on new, potentially explosive issues such as climate change and racial equity. They may also be a counterweight to a growing push to act more aggressively to fight inflation, another possible source of tension on the board.

Once Biden unveils nominees for the three remaining vacant seats, the Fed would have no fewer than five pending appointments, including Powell and Lael Brainard, a Democrat currently on the board who has been selected to become Powell’s deputy. Their confirmation would tilt consensus at the central bank toward a more confrontational stance with Wall Street.

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