Biden is considering law professor, Fed president, and former CFPB director to fill 3 seats on Federal Reserve: Report

Biden is considering law professor, Fed president, and former CFPB director to fill 3 seats on Federal Reserve: Report

According to reports, the White House began interviews with potential candidates for the vacant seats on the Federal Reserve System’s board of governors in 2022.

Bloomberg reported Wednesday that U.S. President Joe Biden is looking into qualified candidates, including Raphael Bostic (Federal Reserve Bank of Atlanta president), Richard Cordray (consumer financial protection bureau director) and Sarah Bloom Raskin (duke University law professor) to replace the Fed board members who are leaving early 2022. Karen Dynan, a former Treasury Department official, and Valerie Wilson, Director of the Program on Race, Ethnicity and the Economy at the Economic Policy Institute are among those being considered.

Already, the U.S. president announced that he will nominate Jerome Powell to a second four year term as Fed Chair. Governor Lael Brainard was chosen to replace Richard Clarida as vice-chair. In 2012 and 2014, Powell and Brainard took over the Fed’s board positions. Biden stated in November that he would nominate replacements, with an emphasis on “improving diversity in the Board’s composition”.

Randal Quarles, one of the seven Federal Reserve governors, has resigned effective December 31st. Clarida will be leaving in January 2022. Bostic Cordray, Raskin, and Cordray would all need to be confirmed in the Senate if they are nominated by Biden. They would serve 14-year terms.

Related: Presidents of local governments say that crypto volatility is not a systemic concern’ for Fed.

The government’s approach to cryptocurrencies could be affected by a significant shift in the composition of one of America’s top financial regulators. Powell, who is currently a Fed member, has expressed concern about the potential rollout of the digital dollar. Quarles stated that federal agencies need to determine the best regulatory approach to ensure the oversight of the crypto market.

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