NEW: Biden names Sarah Bloom Raskin as Fed's top banking regulator
If confirmed, Cook would be the first Black woman to serve on the Fed's seven-member board, while Jefferson would be the fourth Black man.Raskin, Biden's pick for the Fed's vice chair of supervision, is likely to appease Democrats who want someone in the role who's tougher on financial regulation and vocal on issues like climate change.
Raskin, a Duke University law professor who served as a Fed governor from 2010 to 2014 before joining the Treasury Department during the Obama administration, has been outspoken about regulators calling out the risks climate change poses to the financial system. If confirmed, Raskin could influence how banks and other financial institutions weigh and disclose their climate risks. Republican Senators signaled this week they will be skeptical of her climate views and may oppose her nomination entirely.Biden's picks for the Fed board come at a crucial time for the central bank that's moving to tame inflation that's been more persistent than initially thought.
With the new additions may come more focus on issues the Fed has recently started to be more outspoken about, Fed watchers say — including climate change and a more inclusive definition of full employment that factors in indicators like the Black unemployment rate.
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