Joe Biden

WHAT THEY ARE SAYING: Industry Leaders, Elected Officials Applaud Biden's Federal Reserve Nominees

January 14, 2022

Today, President Biden announced the nomination of Sarah Bloom Raskin to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System and the nomination of Lisa Cook and Philip Jefferson to serve on the Board of Governors of the Federal Reserve System. These nominees will bring historic expertise to the Federal Reserve as part of the Biden Administration's efforts to create equitable and sustainable growth in our economy.

Industry leaders, independent groups, and outside leaders have applauded the nominees, highlighting their experience, qualifications, and extensive expertise.

See below for what they are saying:

Current and Former CEA and Treasury Officials

Former George W. Bush Council of Economic Advisors Chair Glenn Hubbard: Philip Jefferson's "thoughtfulness & judgment add to the board…at a pivotal time for monetary policy." Sara Bloom Raskin Raskin "brings a wealth of experience to a Fed role." He also praised "Cook's talents as an economic researcher & teacher" [Tweet, 1/14/22]

Former Trump Council of Economic Advisors Kevin Hassett: Philip Jefferson is "a first-class scholar…who is supremely well-qualified to be a governor." Cooks and Jefferson are ""excellent & exciting nominees." [Tweet, 1/14/21]

Secretary of the Treasury Janet L. Yellen: "President Biden has nominated a full slate of nominees to the Federal Reserve that are committed to the board's dual mandate of stable prices and maximum employment and represent a diversity of backgrounds that will bring important new perspectives. We continue to face new challenges as we confront the pandemic and its variants, but we have made remarkable strides to put our economy on strong footing. I am confident these nominees will build on that progress. I also know that these individuals will respect the tradition of an independent Fed, as they work to fight inflation, support a strong labor market and ensure our economic growth benefits all workers. I strongly believe that a fully staffed Federal Reserve is critical to our economic success, and I urge the Senate to act swiftly to confirm these nominees." [Tweet, 1/14/22]

Former George W. Bush White House and Treasury Spokesperson Tony Fratto: "This is a strong group of Fed nominees. I'm very supportive of Powell, Brainard, and Raskin, but super excited to see Phillip Jefferson and the wonderful @drlisadcook. As with any Fed, there will be enough to agree/disagree on, but this group deserves easy Senate confirmation." [Tweet, 1/14/22]

Industry Leaders, Advocacy Group Leaders, and Editorial Boards

American Bankers Association: "We congratulate Sarah Bloom Raskin, Lisa Cook and Philip Jefferson on their nominations to serve on the Federal Reserve Board. If confirmed, all three would be joining the board at an important moment for our economy given the ongoing pandemic, the recent rise in inflation and other challenges. The nominees would bring a wide range of economic, regulatory and academic experience to the Board of Governors, which we have long believed benefits from having a full complement of governors from diverse backgrounds and viewpoints. We look forward to learning more about all three nominees' positions on monetary and regulatory policies during the confirmation process." [Statement, 1/14/22]

Former Head of the Independent Community Bankers of America Cam Fine: "Congratulations to Sarah Bloom Raskin, Lisa Cook and Philip Jefferson on their nominations to the Fed Board. An outstanding group of nominees. I hope the Senate will confirm them as soon as possible." [Article, 1/14/22]

Harvard University Economist Larry Katz: "Lisa Cook can bring a valuable longer-run and comparative perspective to the Board during these difficult and in some ways unprecedented times. Lisa Cook also has a strong international policy background and much experience. Phillip Jefferson brings a strong background and understanding of research on inequality, poverty, the uneven impacts across different communities of macroeconomic policies, and of crucial measurement and econometric issues" [Article, 1/14/22]

Bloomberg Editorial Board: "Raskin Is a Great Choice for a Tough Job at the Fed… At long last, President Joe Biden has settled on a candidate for one of the biggest jobs in global finance: the vice chair for bank supervision at the Federal Reserve. The nominee — Duke University law professor Sarah Bloom Raskin — is a good choice for what will be an immensely challenging assignment." [Article, 1/14/22]

Americans for Financial Reform: "President Biden's nomination of the highly qualified Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to the Federal Reserve Board is a very welcome step forward towards a better-regulated Wall Street, which remains vital for protecting financial stability and building a more just and sustainable economy. The Senate should confirm them to their posts as soon as possible." [Statement, 1/14/22]

Joint Center for Political and Economic Studies President Spencer Overton: "We applaud President Biden's historic nomination of Dr. Lisa D. Cook and Dr. Philip Jefferson — two outstanding and experienced economists — to serve on the Board of Governors of the Federal Reserve System. We are thrilled that President Biden is working to ensure that the leadership of the Federal Reserve has the expertise to grow an economy that works for all Americans. We urge the Senate to swiftly confirm Dr. Cook and Dr. Jefferson." [Statement, 1/14/22]

Executive Director of the Open Markets Institute Barry Lynn: "Bloom Raskin and Dr. Cook are the kind of leaders the Federal Reserve needs to guarantee that the economic recovery works for all people." [Article, 1/14/22]

President of SEIU Mary Kay Henry: " @POTUS has nominated @drlisadcook to the @federalreserve! If confirmed, she'll make history as the first Black woman to serve on the board. We look forward to working with her to help ensure the country's financial system delivers for all." [Tweet, 1/14/22]

President of Better Markets Dennis Kelleher: "Congrats to @POTUS for nominating 3 incredibly qualified people who will do an outstanding job representing the best of American on @federalreserve as it tackles the most important financial & economic issues facing the country." [Tweet, 1/14/22]

Equitable Growth President Michelle Holder: "I applaud the nomination of @equitablegrowth Steering Committee's @drlisadcook to the Fed Board. Lisa is a renowned economist whose work has deepened our understanding of women & people of color in the economy - 2 groups long marginalized by the field. At a time when racial and gender stratification looms large in the COVID-19 recovery, Lisa's voice will be a crucial one to have on the Board. I offer my warmest and most heartfelt congratulations to Lisa on this well-deserved nomination. " [Tweet, 1/14/22]

Color of Change President Rashad Robinson: "Glad to see that @drlisacook was nominated by President Biden to serve on the Federal Reserve Board of Governors as the first Black woman in the Federal Reserve's history. Her important research and leadership is needed now more than ever." [Tweet, 1/14/22]

Executive Director of the Open Markets Institute Barry Lynn: "Bloom Raskin and Dr. Cook are the kind of leaders the Federal Reserve needs to guarantee that the economic recovery works for all people." [Article, 1/14/22]

Elected Officials

US Senator Gary Peters (D-MI): "Proud to support the historic nomination of Dr. Lisa Cook for Federal Reserve Board of Governors. Dr. Cook has been an important voice at @michiganstateu and I know she'll be a leader in supporting our economic recovery and helping address racial and gender income inequality." [Tweet, 1/14/22]

US Senator Chris Van Hollen (D-MD): "As we face a range of economic challenges — from COVID-19, to the need to create more shared prosperity, to climate change — we need strong leadership at the Fed. That's why I'm glad to see @POTUS nominate Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson." [Tweet, 1/14/22]

Senator Elizabeth Warren (D-MA): "Sarah Bloom Raskin is a tough and thoughtful financial regulator with decades of experience at both the state and federal levels. In the important role of Vice Chair for Supervision, she brings a commitment to protect the American people that has been sorely missing from the Fed Board for years. Lisa Cook is a first-class economist with particular expertise in the drivers of innovation and the economic consequences of racial discrimination. I look forward to learning more about Philip Jefferson and his record in the coming weeks." [Statement, 1/14/22]

Banking Committee Chairman Senator Sherrod Brown (D-OH): "With these nominees, President Biden is showing the country what a Federal Reserve standing on the side of workers and their local communities looks like. We need leaders who will ensure that workers and their families reap the benefits of the economic growth they create, and who will not repeat past mistakes that led to a booming recovery for Wall Street, and a weak one for everyone else. Throughout their long, distinguished careers, they've proven they understand how our economy works – and who makes it work. They will also bring important perspectives to the Federal Reserve Board about the economic issues women, Black and brown workers, and rural and industrial communities across the country face. I urge my colleagues to support these nominees and look forward to their hearings before the Banking and Housing Committee." [Statement, 1/14/22]

Senate Banking and Housing Democrats: "President Biden just nominated three outstanding champions for working people to the Federal Reserve. Here's why we need to confirm them. Professor Sarah Bloom Raskin knows we need to make our economy stronger and safer. As @federalreserve Vice Chair for Supervision, she'll rein in Wall Street and fight for community banks and small businesses on Main Street. Dr. Lisa Cook is a celebrated economist and is committed to fighting for women and people of color in the workforce and innovation. The @federalreserve needs her voice. An expert on the economics of poverty and unemployment, Dr. Philip Jefferson is ready to fight for working people and families in every community." [Tweet, 1/14/22]

Joseph R. Biden, WHAT THEY ARE SAYING: Industry Leaders, Elected Officials Applaud Biden's Federal Reserve Nominees Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/354122

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