The White House nominates a diverse list of candidates for the Fed’s board of directors.

President Biden on Friday nominated three new Federal Reserve officials as he seeks to reform the central bank at a critical economic moment.

The White House nominated Sarah Bloom Raskin as the Fed’s vice chair for supervision, a job created after the 2008 financial crisis to control the country’s largest banks. He also nominated 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 governorship positions. Both are black.

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 all of his picks are confirmed, the seven-member Fed board in Washington would be the most diverse group in its history.

The administration had promised to make the Fed more like the public it served, and prominent lawmakers have pushed for a focus on tighter financial regulation. The central bank is independent of politics in its activities — answerable only to Congress and not to the White House — but Mr. Biden has had the opportunity to remake the central bank through nominations, by five out of seven officials in Washington.

“I have full confidence in the strong leadership of this group of nominees, and that they have the experience, judgment and integrity to lead the Federal Reserve and help rebuild our economy for working families,” the statement said. Mr Biden in a statement. statement announcing the decision.

The Fed tries to steer the economy using borrowing costs and has two main goals: to keep prices stable and to promote full employment.

Democrats tend to focus on the jobs side of that equation, but in the past year that script has turned around to some degree. Inflation is at its fastest pace since 1982 as the economy rapidly recovers from the pandemic, eroding paychecks and damaging consumer confidence. Getting prices under control has increasingly become a priority between parties.

Ms. Cook and Mr. Jefferson will both bring years of academic experience and economics training into their roles, and both will vote on interest rate policy constantly.

Ms. Cook attended Spelman College and the University of Oxford and received a PhD in economics from the University of California, Berkeley. She was an economist on the White House Council of Economic Advisers under President Barack Obama. Mr. Jefferson has worked as a research economist at the Fed and studied at the University of Virginia and Vassar College. He has written on the economics of poverty, and his research has explored whether monetary policies that encourage investment with low interest rates help or harm lower-skilled workers.

Mrs. Raskin’s new job would make her the best bank agent in the country. She has extensive experience in Washington and has held senior positions at both the Federal Reserve and Treasury in the past. She has also worked in the private sector and teaches law at Duke University.

A Harvard-educated lawyer who studied economics at Amherst College, she has a track record of pushing for tougher banking regulation—something that makes her popular with Democrats, but could earn her some serious endorsement.

All nominees require a simple majority to gain confirmation, meaning they can plausibly pass with just Democrat votes, but given the party’s limited control over the Senate, they must either maintain the support of all of its members or number of Republicans garner support.

Pennsylvania Republican Senator Patrick J. Toomey made it clear in a statement released shortly after the selection that he is concerned about Ms. Raskin’s nomination and how she would approach financial regulation.

“I am deeply concerned that she would abuse the Fed’s limited legal mandates on monetary policy and banking supervision to actively involve the central bank in capital allocation,” he said in a press release after news of the choices Thursday night. became known.

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