Biden nominates Sara Bloom Ruskin as Fed Vice-Chair. Lisa Cook and Philip Jefferson as Governor. President Joe Biden has appointed Sarah Bloom Ruskin as the next Vice-Chairman of the Federal Reserve Board, and will probably oversee perhaps the most powerful banking regulator in the country, according to people familiar with the matter. Biden nominates Lisa Cook and Philip Jefferson to the Federal Reserve Board.
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| Biden nominates Sara Bloom Ruskin as Fed Vice-Chair. Lisa Cook and Philip Jefferson as Governor |
Each candidate will face questions next week from the Senate Banking Commission, the parliamentary body responsible for confirming the appointment of the president at the central bank. If the Senate confirms their nomination, Cook will be the first black woman to serve on the Fed's board, and Jefferson will be the fourth black woman to do so.
On Tuesday, the Commission held a nomination hearing for Federal Reserve Chairman Jerome Powell, who chose to run for the second term. The Commission held a similar hearing on Thursday with Mr. Ler Brenard of the Federal Reserve Board, who was elected by Biden as the next Vice-Chairman of the Central Bank.
Biden, by electing Ruskin as vice-chairman, better sees the Democratic promise to strengthen the bill passed after the financial crisis, and Paul Volcker, a former Federal Reserve Board who restricted banking powers. Revives aspects of the rules named after. Doing business for your own benefit.
Ruskin has experience with the Fed and was Deputy Secretary of Finance under the Obama administration after serving as Central Bank Governor from 2010 to 2014. He raped. Jamie Raskin, Democratic Party.
Both Powell and Brenard are expected to pass the Senate with bipartisan support without fanfare, but Ruskin, Cook and Jefferson will see the possibility of more difficult confirmations. Pat Tommy, a Pennsylvania Republican Senator and a ranking member of the Banking Commission, quickly discovered Biden's latest options.
"Sarah Bloom Ruskin specifically called on the Fed to stop lending to traditional energy companies and put pressure on banks to remove their employers from the Fed's emergency lending facilities." She said in a statement Thursday evening. "I am seriously concerned that he may abuse the Fed's narrow statutory obligations on monetary policy and bank oversight to actively involve central banks in capital allocation. "
"We will scrutinize whether Mrs. Cook and Jefferson have the experience, judgment, and policy opinion needed to serve as Fed president," he added.
Jefferson's name was recently revealed in a private meeting to serve as governor, but Cook's nomination was often telegraphed. CNBC reported in May that it would be best for Senator Shard Brown, chairman of the Banking Commission and a Democrat of Ohio, to serve as president.
Cook is a professor of economics and international affairs at Michigan State University. He is a member of the Steering Committee of the Center for Equitable Growth, a progressive Washington-based think tank that is one of Biden's top economists among his alumni. He also served as a senior economist on the Obama administration's Economic Advisory Board.
Jefferson, on the other hand, is the Vice-President and Dean of Academic Affairs at Davidson College. Her decades of career in academia has focused on the labor market and poverty.
His notable work includes a 2005 study assessing the costs and benefits of monetary policy, which promotes a "high-pressure economy" in which the FRB has easy access to cash and low interest rates to promote a tight labor market. It has been.
Other economists, including him and Brenard, generally and, except in unusual economic conditions, argue that lower rates of additional profits in higher employment are worth the potential for warmer inflation. Did.
Ruskin and control
Since leaving the government, Ruskin has pressured the Federal Reserve and other financial regulators to play a more active role in addressing the financial risks posed by climate change.
"None of its regulators are specifically designed to mitigate the risk of climate-related events, but everyone has wide enough authority to include these risks in the scope of the means already provided by Congress. I have, "Ruskin wrote in September.
"In light of the unpredictable but clearly serious impact of climate change on the economy, U.S. regulators will have to work away from the comfort zone before the problem worsens, which is costly to resolve. "He added.
Former Vice Chairman Randall Quares, who recently left the Federal Reserve Board, has reduced the need for US banks to have less than $ 700 billion in capital and audit rules for transactions by JPMorgan Chase, Goldman Sachs and others. Played an important role in mitigating. Investment bank.
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