Biden taps progressive favorite Sarah Bloom Raskin as top Fed banking regulatorBiden additionally picked Lisa Cook, Philip Jefferson for open vacancies on Fed's board

President Biden on Friday announced three new nominations for the Federal Reserve's Board of Governors, including progressive favorite Sarah Bloom Raskin for the top regulatory spot, as the central bank confronts the hottest inflation in a generation.

In addition to tapping Raskin to serve as vice chair for supervision, Biden selected academic economists Lisa Cook and Philip Jefferson to fill the remaining vacancies on the Fed's seven-member board.


"We are at a moment of historic economic progress alongside unique economic challenges as we work to drive our recovery forward," Biden said in a statement. "This is a moment that calls for sound, independent leadership from the Board of Governors at the Federal Reserve."

The three economists will join the Fed at an uncertain time for the U.S. economy – although growing at a solid pace, it faces challenges in the year ahead from repeated COVID-19 outbreaks, surging consumer prices, a labor shortage and supply-chain bottlenecks. Policymakers have indicated in recent weeks that they will take action in the coming months to combat the highest inflation in four decades, a challenging task that risks undermining the economy's recovery from the pandemic.

The nominees will be required to testify before the Senate Banking Committee and be confirmed by a simple majority vote in the Senate. If approved, Cook would be the first Black woman to serve on the Fed's board in its 108-year history, while Jefferson would be the fourth Black man to do so. The board would also consist of a majority of women for the first time ever.

As vice chair for supervision, Raskin – a Duke University law professor who has held high-level jobs at both the Treasury Department and the Fed –...

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