President Biden taps economists for Fed governors’ seats, Sarah Bloom Raskin as vice chair for supervision

President Biden taps economists for Fed governors’ seats, Sarah Bloom Raskin as vice chair for supervision

The White House officially appointed Sarah Bloom Raskin, former Fed governor, to be vice chair for supervision of the Federal Reserve. Economists Lisa Cook (for two vacant seats on the board of governors) will also serve as vice chairs.

U.S. President Joe Biden announced Friday that he had appointed Cook, an Obama-era economist and Michigan State University faculty member to the board. Jefferson was also nominated to the board, along with Raskin. Two of the seven vacant seats will be filled by Jefferson and Cook. Jerome Powell and Lael Mindard have been nominated for vice and chair respectively.

The U.S. President stated that the nominees possess the “experience, judgment, and integrity” to lead the Federal Reserve. He also cited Jefferson’s experience in economic issues and Cook’s years of work on the same. Raskin, however, was “among most qualified nominees ever” to be the vice chair for supervision.

Vice chair for supervision is a new position within the government agency. Randal Quarles, who was appointed as the vice chair for supervision in 2017, held the position for four years. He resigned as a Fed board member in Dec. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 states that the vice-chair for supervision “shall make policy recommendations to the Board concerning supervision and regulation depository institution holding firms and other financial institutions supervised by it and shall supervise the supervision and regulation thereof.”

Many Federal Reserve vacancies, resulting from terms expiring and board members quitting, have allowed President Biden to shake up the agency’s leadership. His picks for Fed chair and vice-chair — Jerome Powell, Lael Brainard and Jefferson — were present before the Senate Banking Committee ahead of a vote in the full Senate. If they get more than 50 votes each, Powell, Brainard and Raskin will serve as Fed board leadership until 2026. Jefferson and Cook would then be serving 14-year terms.

Related: US lawmaker Jerome Powell hints at future crypto legislation. Fed to release soon report on digital currency

The government’s approach to crypto and blockchain could be affected by a significant shift in the leadership of some top financial regulators in America. The Commodity Futures Trading Commission and Securities and Exchange Commission will likely be shaken up in 2022. This is due to the departures of Elad Roisman and Allison Lee, SEC commissioners. President Biden has not indicated that he plans to re-nominate Dawn Stump, CFTC commissioner, before her term ends in April.

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