Biden nominates 3 for Fed board, including first Black woman

[Omaha Steve]

Source: AP

By CHRISTOPHER RUGABER

WASHINGTON (AP) — President Joe Biden on Friday announced the nominations of 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.

Biden also nominated Phillip Jefferson, an economist, dean of faculty at Davidson College in North Carolina and a former Fed researcher. The three nominees, who will have to be confirmed by the Senate, would fill out the Fed’s seven-member board.

They would join the Fed at a particularly challenging time in which the central bank will undertake the delicate task of raising its benchmark interest rate to try to curb high inflation, without undercutting the recovery from the pandemic recession. On Wednesday, the government reported that inflation reached a four-decade high in December.

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.



FILE - U.S. Deputy Treasury Secretary Sarah Bloom Raskin is shown before the opening ceremony of the Asia-Pacific Economic Cooperation (APEC) finance ministers meeting at the Diaoyutai State Guesthouse in Beijing, China on Oct. 22, 2014. President Joe Biden has forwarded three nominations to the Senate for the Federal Reserve's Board of Governors, including former Fed official Sarah Bloom Raskin for the top regulatory slot, and Lisa Cook, who would be the first Black woman to serve as a governor. Biden is also nominating Phillip Jefferson, an economist, dean of faculty at Davidson College in North Carolina, and a former Fed researcher. (AP Photo/Andy Wong, File)


Read more: https://apnews.com/article/joe-biden-business-race-and-ethnicity-inflation-1443957d03e1c0eb3470e1c38f5956f5

[BumRushDaShow]

1. Here is some info on Lisa Cook

who is an economist at Michigan State University and she had just been elected as a member of the board for the Federal Reserve Bank of Chicago - https://msutoday.msu.edu/news/2022/lisa-cook-federal-bank-chicago

[abqtommy]

2. Thanks for this. I look forward to everyone nominated serving on The Board. I also look

forward to the day when the nomination of women in general and women of color in
particular is no longer remarkable.

[BumRushDaShow]

3. You are welcome!

When it comes to any high level position, there is an expectation that one have "experience". However if no one is willing to take a gamble on you to start you on that path to gaining that experience, then the top-level positions will always be filled by a "selectively narrow" set of individuals who were never considered "risky" (whether in reality they were or not) like women or POC have always been considered to be.