Biden will nominate three people for Fed board, including first Black woman
If approved, Biden’s picks would significantly increase the Fed’s diversity. Cook and Jefferson would be just the fourth and fifth Black governors in the Fed’s 108-year history. And for the first time, a majority of the board would consist of female appointees.In late November, Biden also nominated Jerome H. Powell for a second four-year term as Fed chair and chose Lael Brainard, a Fed board member, to be the vice chair.
A Harvard-trained lawyer, Raskin, 60, previously served on the Fed’s seven-member board from 2010 to 2014. President Obama then chose her to serve as deputy Treasury secretary, the No. 2 job in the department. Kathleen Murphy, chief executive of the Massachusetts Bankers Assn., worked with Raskin during Raskin’s stint as Maryland’s banking regulator from 2007 to 2010. Murphy led the Maryland bankers group during that time. Murphy said the state’s financial industry regarded her as a “strong regulator but a fair regulator.”Inflation has surged during the recovery from the COVID-19 pandemic recession as Americans have ramped up spending on cars, furniture and other goods.
“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.Federal Reserve Chair Jerome Powell said the Fed will raise rates more than it now plans if needed to stem surging prices.
Cook has been a professor of economics and international relations at Michigan State University since 2005. She was also a staff economist on the White House Council of Economic Advisors from 2011 to 2012 and was an advisor to the Biden-Harris transition team on the Fed and bank regulatory policy.on African American invention and innovation.
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