Biden to nominate Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to key Fed positions
Former Vice Chair for Supervision Randal Quarles, who recently left the Fed, played a major role in reducing capital requirements for U.S. banks with less than $700 billion in assets and relaxing the Volcker Rule's audit rules for trades made by JPMorgan Chase, Goldman Sachs and other investment banks.
The nominations come at a precarious time for the Fed, which has in recent weeks has started to wind down its easy-money policies in the face of recovering employment and the highest level of year-over-year inflation since 1982. When the Fed wants the economy to heat up, it can cut borrowing costs to spur the housing market and broader economic activity as well as employment. But if it is concerned about an overheating economy or unruly inflation, it can raise interest rates to make borrowing more expensive.
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