President Biden today nominated former Treasury Department Deputy Secretary Sarah Bloom Raskin to serve as the Vice Chair for Supervision of the Federal Reserve Board and Lisa Cook and Philip Jefferson as Governors.
Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:
“We applaud the nominations of Sarah Bloom Raskin as Federal Reserve Board Vice Chair for Supervision, and Lisa Cook and Philip Jefferson as Governors. During her tenure in the Treasury Department, Sarah Bloom Raskin served as an outstanding voice for all consumers, defended safeguards in the marketplace and looked for new ways to bring us closer to a just economy. We know she will bring this same commitment to her new position on the FRB, and that she will ensure the needs of low- and moderate-income Americans are a priority as we continue to recover from the Covid pandemic. These nominations demonstrate the president’s continued commitment to advancing financial security for underserved people and communities.
“We’re also encouraged by the nominations of Lisa Cook and Philip Jefferson to serve as Fed Governors. Both come with extensive economic policy-making experience, and as African Americans, they will make the Fed a more representative institution and, I hope, one that goes deeper and achieves more to address the nation’s enduring racial economic divide.
“These nominations come at a critical moment for the FRB. Along with managing inflation and the nation’s economic recovery from the pandemic, the FRB is on a path, joined with the other bank regulatory agencies, to propose stronger rules and better enforcement of the Community Reinvest Act. We also support more rigorous scrutiny of bank mergers.”