Federal Reserve: Biden appoints three governors, including the first black woman in office

“I am proud to appoint Sarah Bloom Raskin, Lisa Cook and Philip Jefferson, who will bring a broad range of knowledge, expertise and experience to the Board of Governors,” the president said in a statement. (Photo: Getty Images)

US President Joe Biden on Friday appointed three US central bank governors, including Lisa Cook, the first black woman to hold the position, and Sarah Blum Raskin, a former Democratic Treasury official, to oversee banking regulation.

“I am proud to appoint Sarah Bloom Raskin, Lisa Cook and Philip Jefferson, who will bring a broad range of knowledge, expertise and experience to the Board of Governors,” the president said in a statement.

“They will bring long-awaited diversity to the leadership of the Federal Reserve, with the first black woman in history to serve on the Board of Governors and the fourth black man” to serve as governor since the institution was created in 1913, the White House said in this press release.

Lisa Cook becomes the first black female governor of the Federal Reserve. Professor of Economics and International Relations at Michigan State University was one of President Barack Obama’s economic advisors, and has already held several positions in the regional offices of the Federal Reserve.

Philip Jefferson, professor and principal at Davidson College in North Carolina, has worked extensively on equality and poverty issues. He is also familiar with the Federal Reserve, having been an economist on the Board of Governors.

For the key position of Vice President of the Federal Reserve in charge of banking supervision, Joe Biden chose Sarah Blum Raskin, a Democrat, as number two in the Treasury under the Obama administration.

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This former Maryland financial regulator will replace Randall Quarles, who was appointed by former President Donald Trump to expose banking regulations put in place after the 2007-2008 financial crisis under the Dodd-Frank Act.

Duke University law professor and wife of House Democrat Jimmy Raskin, she has already served as Federal Reserve Governor.

If these appointments are confirmed by the Senate, the Central Bank’s Board of Governors will be complete, deeply reformed by Joe Biden who had five positions to fill.

He reappointed President Jerome Powell for a second term, offering second place to the institution’s sole Democratic governor, Lyle Brainard, in favor of strict banking and financial regulation, with the associated financial risks to the climate in mind. is changing.

Governors participate in the Federal Reserve’s Monetary Committee, which sets the monetary policy of the powerful institution.

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