Biden announces nominations for Fed board

The president of the United States (USA), Joe Biden, announced this Friday his candidates for the vacant positions on the board of the Federal Reserve (FED).

Among the names is Lisa Cook, who becomes the first Afro-descendant to serve as governor of the central bank.

The White House said in a statement that the officials "will long bring diversity to the leadership of the Federal Reserve," quoted the AFP news agency.

Similarly, the name of Philip Jefferson, from Davidson College, stands out, who would become the fourth man of African descent to hold the position on that panel.

These nominations could influence financial policymaking at a time when the Fed is poised to raise benchmark interest rates to combat rising prices while also supporting the ongoing economic recovery under the coronavirus pandemic.

For her part, the former number two of the Treasury Department, Sarah Bloom Raskin, will take over the key position of banking regulation at the Fed.

Raskin, a Democrat calling for more action on climate change, would take over as the nation's top banking regulatory official if she receives the Senate's consent.

He will replace Randal Quarles, a nominee by former President Donald Trump who resigned in December at the end of his term.

 

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