President Joe Biden will nominate 3 people for the Federal Reserve's Board of Governors for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the Fed's board.
WASHINGTON — President Joe Biden will nominate three people for the Federal Reserve's Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the Fed's board.
Raskin's nomination to the position of Fed vice chair for supervision — the nation's top bank regulator — will be welcomed by progressive senators and advocacy groups, who see her as likely to take a tougher approach to bank regulation than Randal Quarles, a Trump appointee who stepped down from that post last month. She is also viewed as someone committed to incorporating climate change considerations into the Fed's oversight of banks.
Kathleen Murphy, CEO of the Massachusetts Bankers Association, worked with Raskin when Raskin was Maryland's banking regulator from 2007 to 2010 and Murphy led the Maryland bankers' group. Murphy said the state's financial industry regarded her as a “strong regulator but a fair regulator.” “The decisions the Fed makes on our behalf should build toward a stronger economy with more jobs in innovative industries — not prop up and enrich dying ones,” Raskin wrote, referring to oil and gas providers.
If confirmed, Cook, together with Jefferson, would be the fourth and fifth Black members of the Fed’s Board of Governors in its 108-year history. She has been a professor of economics and international relations at Michigan State since 2005. She was also a staff economist on the White House Council of Economic Advisers from 2011 to 2012 and was an adviser to the Biden-Harris transition team on the Fed and bank regulatory policy.
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