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Biden Puts Stamp on Fed With Bank Regulator, Board Diversity

  • Economics professors Cook, Jefferson selected as governors
  • Raskin named to be Washington’s premier banking overseer
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Biden Lining Up Fed Picks
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President Joe Biden picked Sarah Bloom Raskin to be the Federal Reserve’s top banking regulator and economists Lisa Cook and Philip Jefferson to be governors completing his overhaul of leadership at the U.S. central bank.

The White House announced the nominations on Friday. The selections of Cook, who would be the first Black woman on the Fed’s board, and Jefferson, who would be the fourth Black man, keep a Biden promise to improve diversity at the central bank. If all three are confirmed by the Senate, it would mark two firsts for the seven-member panel: four women serving together, and two Black governors at the same time.