President Biden appeals to economists for Fed governor seats, Sarah Bloom Raskin as vice president of oversight

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The White House has officially called on former Fed Governor Sarah Bloom Raskin to fill the post of Vice President of Federal Reserve Oversight, as well as economists Lisa Cook and Philip Jefferson to fill two empty seats in the within its board of governors.

In an announcement Friday, US President Joe Biden said he appointed Cook, an Obama-era economic adviser and Michigan State University faculty member, as well as Jefferson, a former Fed research economist. , on the board of governors in addition to Raskin. . Jefferson and Cook will fill two of the vacant seats in the seven-governor group, with Jerome Powell and Lael Brainard appointed to serve as chairman and vice-chairman, respectively.

According to the president, the three candidates have “the experience, the judgment and the integrity to lead the Federal Reserve and help rebuild our economy better for working families.” He cited Jefferson’s and Cook’s decades of experience with economics while saying Raskin was “one of the most qualified candidates of all time” for the post of vice president of oversight.

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The vice chairman of oversight, as opposed to the deputy chairman of the board of governors of the Federal Reserve, is a relatively new role within the government agency. Randal Quarles was the first to hold the position for the full year of four terms from 2017 to 2021, shortly before stepping down as a member of the Fed’s board in December. In accordance with the Dodd-Frank Law on Wall Street Reform and Consumer Protection, passed in 2010, the Vice President of Supervision “shall develop policy recommendations for the Board regarding the supervision and regulation of companies. portfolio of deposit-taking institutions and other financial companies supervised by the Board and will oversee the supervision and regulation of such companies.

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Numerous vacancies at the Federal Reserve, due to expiration of terms and the resignation of board members, gave President Biden the opportunity to shake up the agency’s leadership. This week, his picks for Fed President and Vice President – Jerome Powell and Lael Brainard, respectively – testified before the Senate Banking Committee ahead of a vote in the full Senate. If they received more than 50 votes, Powell, Brainard and Raskin would lead the Fed’s board until 2026, with Cook and Jefferson serving 14-year terms.

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Related: U.S. lawmaker hints at future crypto legislation as Jerome Powell says Fed to release digital currency report soon

A significant change in leadership from some of the major financial regulators in the United States could impact how the government views both crypto and blockchain. The Securities and Exchange Commission and the Commodity Futures Trading Commission are likely to see a reshuffle in 2022, with the expected departure of SEC commissioners Elad Roisman this month and Allison Lee in June. Additionally, President Biden has not hinted that he intends to reappoint CFTC Commissioner Dawn Stump before her term expires in April.