President Biden will nominate 3 new Fed officials, diversifying leadership.

President Biden plans to nominate three new Federal Reserve officials as he seeks to reform the central bank at a critical economic moment, a White House official familiar with the matter said Thursday.

If confirmed, his pick would result in the most diverse Fed administration in the institution’s history, Jeanna Smialek reported for The New York Times.

The White House plans to nominate Lisa Cook, an economist at Michigan State University who has researched racial inequalities and labor markets, and Philip Jefferson, an economist and administrator at Davidson College, for seats on the board of directors of to open the Fed. Both Mrs. Cook and Mr. Jefferson are black.

Biden will also nominate Sarah Bloom Raskin as the Fed’s vice chair for supervision, a job created to help control the country’s largest banks after the 2008 financial crisis.

Mr. Biden had previously nominated Jerome H. Powell for a second term as Fed chairman and Lael Brainard, now a governor, as central bank vice-chair. If confirmed to their posts, the seven-member Fed board would have four women, a black man and two white men — the most diverse team in the Fed’s roughly 108-year history.

The government had promised to make the Fed — traditionally dominated by white males — more like the public it served, and prominent lawmakers have pushed for a focus on tighter financial regulation. The picks try to deliver along those dimensions. READ FULL ARTICLE →

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