President Biden on Friday announced three new nominations for the Federal Reserve's Board of Governors, including progressive favorite Sarah Bloom Raskin for the top regulatory spot, as the central bank prepares to confront the hottest inflation in a generation.
's Board of Governors, including progressive favorite Sarah Bloom Raskin for the top regulatory spot, as the central bank confronts the hottest inflation in a generation.
The three economists will join the Fed at an uncertain time for the U.S. economy – although growing at a solid pace, it faces challenges in the year ahead from repeated COVID-19 outbreaks, surging consumer prices, a labor shortage and supply-chain bottlenecks. Policymakers have indicated in recent weeks that they will take action in the coming months to combat the highest inflation in four decades, a challenging task that risks undermining the economy's recovery from the pandemic.
The nominees will be required to testify before the Senate Banking Committee and be confirmed by a simple majority vote in the Senate. If approved, Cook would be the first Black woman to serve on the Fed's board in its 108-year history, while Jefferson would be the fourth Black man to do so. The board would also consist of a majority of women for the first time ever.
"Sarah Bloom Raskin is a tough and thoughtful financial regulator with decades of experience at both the state and federal levels," Sen. Elizabeth Warren, D-Mass., said in a statement. "In the important role of Vice Chair for Supervision, she brings a commitment to protect the American people that has been sorely missing from the Fed Board for years."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden names Sarah Bloom Raskin as Fed's top banking regulatorIt's Biden's biggest mark yet on the economic body grappling with soaring inflation.
Read more »
Biden to Tap Sarah Bloom Raskin for Fed's Powerful Vice Chair for Supervision: ReportU.S. President Joe Biden will nominate Sarah Bloom Raskin as the U.S. Federal Reserve’s Powerful vice chair for supervision, CNBC reports. GregAhl reports.
Read more »
Biden to nominate Sarah Bloom Raskin as vice chair for supervision at Fed; Lisa Cook and Philip Jefferson as governorsPresident Joe Biden will nominate Sarah Bloom Raskin to be the Federal Reserve's next vice chair for supervision.
Read more »
Businesses react to ruling against Biden vaccine mandate | AP NewsFor companies that were waiting to hear from the U.S. Supreme Court before deciding whether to require vaccinations or regular coronavirus testing for workers, the next move is up to them. Many large corporations were silent on Thursday's ruling by the high court to block a requirement that workers at businesses with at least 100 employees be fully vaccinated or else test regularly for COVID-19 and wear a mask on the job.
Read more »
President Joe Biden Talked With Philadelphia Fire Union President Mike Bresnan Following Deadly Fairmount FireThe head of Philadelphia’s fire union talked with President Joe Biden about last week’s tragic fire in Fairmount
Read more »