Yesterday, Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after President Joe Biden announced new nominations to the Board of Governors of the Federal Reserve.
“I applaud President Biden’s nominations for the Federal Reserve Board and encourage their swift confirmation. The depth of experience and diversity of perspectives that Sarah Bloom Raskin, Lisa Cook and Philip Jefferson would bring to the direction of the Federal Reserve System are essential to ensuring a broadly shared recovery and promoting sustained economic growth.
“These nominations demonstrate a strong commitment by the administration to actively pursue all three parts of the Fed’s mission—full employment, price stability, and sound financial markets—that recognizes the macroeconomic impact of structural racism and the threat posed by climate change to financial stability.
“To the role of Vice Chair for Supervision, Professor Bloom Raskin would bring not only depth of experience in financial regulation, but extensive leadership on consumer protection and the systemic risks posed by climate change. Professors Cook and Jefferson are leading academic researchers who combine a profound understanding of the real roots of economic growth with a demonstrated commitment to government service and a legacy of advancing inclusive institutions within the economics profession.
“Together with nominees Chair Powell and Governor Brainard, their confirmations—with the strength of their diverse personal, professional and educational backgrounds—would be a historic contribution to the collective expertise of the Federal Reserve Board.”