[#Biden wants to reshape the Fed’s nominee or make it the most diverse in history#]According to Reuters reports, on the 14th local time, US President Biden nominated former director Sarah Bloom Ruskin to serve as the United States Federal Reserve Board of Supervisors, and nominated economists Lisa Cook and Philip Jefferson as directors. The report said this would be a “landmark” reform of the Fed’s leadership structure.
The nominations will reportedly fill vacancies on the seven-member board of the U.S. Federal Reserve and will bring the most racial and gender diversity to the Fed’s top leadership in more than a century. Both Cook and Jefferson were black. The nomination could face opposition from some Republicans in the Senate.
Before that, Biden nominated the current chairman of the Federal Reserve Powell for re-election, and nominated director Brainard as vice chairman, hoping to take this opportunity to take this opportunity to formulate US economic policy, especially interest rate policy, and affect the world. Long imprint.
“These nominees will bring much-needed expertise, judgment and leadership to the Fed, while also bringing unprecedented diversity of thinking and perspectives to the Board of Governors,” Biden said in a statement, according to the report. “They will continue to accomplish the Fed’s important mission to steer us on the path to a strong, sustainable recovery while ensuring that inflation does not become entrenched in the long term.”
The report pointed out that these nominations were immediately attacked by the top Republican on the Senate Finance Committee, suggesting that the process of confirming the nomination in the Senate may not be smooth and partisan. Democrats are only able to control the Senate with a narrow majority by virtue of Vice President Harris’ dual role as Senate President.
Cook, a professor of economics and international relations at Michigan State University, will be the first black woman to serve on the Fed’s board, the report said. Jefferson, a professor and senior administrator at Davidson College in North Carolina, will become the fourth black trustee in the board’s history and the first in more than 15 years.
Biden’s nomination means that there will be four women on the Fed’s seven governors, which is also the first time in history. At present, the only five members of the Fed’s board of directors are all white. However, after the resignation of Vice Chairman Clarida, there are only four members of the board of directors, two men and two women.
Ruskin, who reportedly served as a Fed governor for four years before serving as deputy secretary of the Treasury from 2014 to 2017, is expected to take on Wall Street more than his predecessor Quarles when he takes over as vice chairman for supervision. Strict oversight, Quarles leaves office at the end of 2021.
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