US President Joe Biden on Friday announced nominations to fill open positions on the Federal Reserve Board, including the first Black woman to ever serve as a central bank governor.
The nominations will increase diversity on the Fed board and could sway policymaking at a time when the central bank is poised to hike lending rates to fight surging price increases while also supporting the ongoing economic recovery.
Lisa Cook, professor of economics at the University of Michigan, would be the first African American woman on the seven-seat board of governors.
And Philip Jefferson, of Davidson College, would be the fourth Black man to serve in the role.
Biden also tapped Sarah Bloom Raskin, a Democrat who served in top roles at the Treasury Department as well as on the Fed board, to fill the key post of Fed vice chair for supervision.
The White House said the officials “will bring long-overdue diversity to the leadership of the Federal Reserve.”
Biden last year renominated Jerome Powell to a second term as Fed chair and named board member Lael Brainard to serve as vice-chair, which would make the board majority women if all are confirmed by the Senate.
“We are at a moment of historic economic progress alongside unique economic challenges as we work to drive our recovery forward. This is a moment that calls for sound, independent leadership from the Board of Governors at the Federal Reserve,” Biden said in a statement.
The nominees “will continue the important work of steering us on a path to a strong, sustainable recovery, while making sure that price increases do not become entrenched over the long term.”