After Richard Clarida leaves the scene, overwhelmed by the trading scandal, Joe Biden appoints a new vice president to oversee the Federal Reserve. This is Sarah Bloom Raskin, former Deputy Secretary of the Treasury and will be in charge of financial supervision, while the White House is looking for stricter regulations on big banks and hopes for more careful monitoring of financial risks related to climate change. The president of the United States, who has been working on the Fed dossier for months, has made two more appointments in this round.
Lisa Cook, professor of economics and international relations at Michigan State University, and Philip Jefferson, a professor of economics at Davidson College, were in fact entrusted with the remaining two vacant boxes on the Fed board. Cook is the first African-American woman in the US history to join the central bank board, while Jefferson is the fourth African-American man to take office. All this at the end of months of work on the Fed by the US administration that led to Jerome Powell’s second term as governor for a second term as president and Lael Brainard, a current Fed governor, as vice president.
Powell and Brainard held their confirmation hearings before the Senate Banking Committee this week, pledging to prioritize fighting inflation in monetary policy as price growth rose to its highest level in four decades. . Raskin, 60, a law professor at Duke University who served as Deputy Secretary of the Treasury during Barack Obama’s presidency and enjoys broad support among Democrats. She was initially nominated for a role at the Fed in 2010 alongside Janet Yellen who later became president and played a pivotal role at the central bank in implementing the extensive Dodd-Frank legislation to regulate banks after the global financial crisis.