Sarah Bloom Raskin has served both as the Deputy Secretary of the U.S. Sarah Bloom Raskin for Vice Chair for Supervision
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I have full confidence in the strong leadership of this group of nominees, and that they have the experience, judgement, and integrity to lead the Federal Reserve and to help build our economy back better for working families.” They will continue the important work of steering us on a path to a strong, sustainable recovery, while making sure that price increases do not become entrenched over the long term. Brainard, who I renominated last month, this group will bring much needed expertise, judgement 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. Raskin is among the most qualified nominees ever for the position of Vice Chair for Supervision, while Jefferson and Cook are talented economists with decades of experience working on a broad range of economic issues. That is why I am proud to nominate Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson, who will bring a breadth of knowledge, experience and expertise to the Board of Governors. This is a moment that calls for sound, independent leadership from the Board of Governors at the Federal Reserve. “We are at a moment of historic economic progress alongside unique economic challenges as we work to drive our recovery forward. That is especially true in our economy where too many groups historically have been left behind, or left out altogether.
When we have leaders in the Federal government that reflect the diversity of our country, it results in better outcomes for all Americans. If all five are confirmed, the Board will be majority women. They will bring long overdue diversity to the leadership of the Federal Reserve, including the first Black woman in history to serve on the Board and the fourth Black man to serve on the Board. Jefferson started his career as an economist for the Federal Reserve, and both he and Cook have consulted frequently with a number of Federal Reserve Regional Banks. The Senate has confirmed three of these nominees who have previously served on the Board of Governors – Powell, Brainard, and Raskin. Lael Brainard – who was nominated to serve as Vice Chair of the Board of Governors of the Federal Reserve System – President Biden has now nominated a group of five people to serve on the Board of Governors who have the experience, judgment and talent necessary to lead the Federal Reserve at this important moment in our economic recovery. The President is confident that the Federal Reserve will act to achieve their dual goals of maximum sustainable employment and price stability and make sure that price increases do not become entrenched over a long term with the independence that they need.Īlong with Jerome Powell – who the President has nominated for a second term as Chair of the Board of Governors of the Federal Reserve System – and Dr. The Federal Reserve plays a vital role in our economy. At the same time, our economy is facing the challenge of price increases that are squeezing families’ budgets. Our economy has made enormous progress over the past year, with 6.4 million jobs created and unemployment falling to 3.9% –– four years faster than projected. Today, President Biden announced the nomination of Sarah Bloom Raskin to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System and the nomination of Lisa Cook and Philip Jefferson to serve on the Board of Governors of the Federal Reserve System. Get Involved Show submenu for “Get Involved””.The White House Show submenu for “The White House””.
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