President Joe Biden nominated three people, to join Federal Reserve chair Jerome Powell (shown) on the board, including former governor Sarah Bloom Raskin. Photo by Brendan Smialowski/UPI | License Photo
Jan. 14 (UPI) -- President Joe Biden announced three nominations for the Federal Reserve Board of Governors on Friday, including former governor Sarah Bloom Raskin to hold the key regulatory role of vice-chair of supervisors.
Along with Raskin, Biden nominated two academics, Lisa Cook, a professor of economics and international relations at Michigan State University, and Philip Jefferson. vice president for academic affairs at Davidson College.
Cook and Jefferson are African American, with Cook poised to become the first Black woman to serve on the board.
Raskin has served as a Treasury Department deputy secretary, and oversaw its various agencies and departments, pursuing solutions related to climate change risk and cybersecurity, as well as defending consumer safeguards in the financial marketplace.
In her first term on the Fed, between Oct. 4, 2010, and March 13, 2014, she helped to conduct the nation's monetary policy, seeking to promote financial stability.
She is married to U.S. Rep. Jamie Raskin, D-Md., who is a member of the House committee that is investigating the Jan. 6 insurrection.
"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 of the group that could join chair Jerome Powell.
"This is a moment that calls for sound, independent leadership from the Board of Governors at the Federal Reserve.
Biden said Raskin, Cook and Jefferson "will bring a breadth of knowledge, experience and expertise" to the board.
Biden called Raskin "among the most qualified nominees ever" for the vice-chair position. He said Cook and Jefferson are both "talented economists with decades of experience" working on various economic issues.
"This group will bring much-needed expertise, judgment and leadership to the Federal Reserve while at the same time bringing a diversity of thought and perspective never seen before on the Board of Governors," Biden said.
If confirmed by the Senate, the three will join the board facing the reality of raising interest rates to pull the country out of its inflation spiral sparked by the coronavirus pandemic.
The Labor Department reported this week that the Consumer Price Index climbed 7% in 2021, the largest 12-month gain since 1982.