Sumary of Biden taps progressive favorite Sarah Bloom Raskin as top Fed banking regulator:
- Biden’s pick for Federal Reserve Board Vice Chair testifies at confirmation hearing President Biden on Friday announced three new nominations for the Federal Reserve’s Board of Governors, including progressive favorite Sarah Bloom Raskin for the top regulatory spot, as the central bank confronts the hottest inflation in a generation.
- In addition to tapping Raskin to serve as vice chair for supervision, Biden selected academic economists Lisa Cook and Philip Jefferson to fill the remaining vacancies on the Fed’s seven-member board.
- FED DOUBLES TAPER RATE, EYES THREE INTEREST RATE HIKES IN 2022 “We are at a moment of historic economic progress alongside unique economic challenges as we work to drive our recovery forward,” Biden said in a statement.
- ” The three economists will join the Fed at an uncertain time for the U.S. economy – although growing at a solid pace, it faces challenges in the year ahead from repeated COVID-19 outbreaks, surging consumer prices, a labor shortage and supply-chain bottlenecks.
- Her nomination has been welcomed by progressive senators and advocacy groups, who think she will take a tougher stance against Wall Street than her predecessor, Randal Quarles, a Trump nominee who stepped down last month.