WHAT THEY ARE SAYING: President Biden's Federal Reserve Board Nominees Merit Confirmation

Banking, business, and labor leaders are praising the qualifications of President Biden's Fed nominees. Sarah Bloom Raskin, Dr. Lisa Cook, and Dr. Phillip Jefferson will have their Senate hearings this Thursday.

Here's what they're saying:

Institute of International Bankers: "The IIB congratulates Sarah Bloom Raskin on her nomination to serve on the Board of Governors of the Federal Reserve System as Vice Chair for Supervision. We are encouraged that the Senate Banking Committee has scheduled a hearing for this important position. The Vice Chair serves a critical role in setting regulatory and supervisory policy for domestic and internationally headquartered financial institutions operating in the United States, ensuring the safety and soundness of the U.S financial system, and maintaining financial institutions' ability to operate on a level playing field to support their customers and promote economic growth. Ms. Raskin's service at the Federal Reserve and the U.S. Department of Treasury, positions for which she was confirmed by the U.S. Senate by voice vote, as a state regulator, and in the private sector, demonstrates her intellect, qualifications, and commitment to transparency and integrity. We look forward to learning more about Ms. Raskin's policy goals during the hearing … and to working with her if confirmed." [Statement, 1/28/22]

Nina Elizabeth Banks, President, National Economic Association: "… The nomination of two African American economists to serve on the Federal Reserve Board is a welcome recognition of the important role that Black economists must play in determining economic priorities for our nation. Given their academic preparation and professional experience, both Drs. Cook and Jefferson have the economic tools needed to foster financial stability and full employment. Each of these economists are uniquely and exceptionally qualified to address the challenges facing our nation." [Letter, 1/30/22]

Gabe Horowitz, Senior Vice President, Economic Program, and Ellen Hughes, Senior Resident Fellow for Climate and Energy, Third Way: "As the Committee continues consideration of President Joe Biden's nominees to the Federal Reserve, we want to reiterate our organization's strong support of the President's entire slate of nominees. The leadership at the Fed impacts all of us. It matters for the ongoing progress in the labor market and for guarding against any persistent rise in the cost of living for Americans. And the Fed has a vital role to play in ensuring that our economy is prepared to battle the threat of climate change ... [Third Way] supports the nomination of Dr. Lisa Cook, Sarah Bloom Raskin, and Dr. Phillip Jefferson to the Board of Governors of the Federal Reserve. These nominees exemplify the deep expertise and breadth needed at the Federal Reserve in their conduct of monetary policy and financial system stability … President Biden's steady economic leadership has added millions of jobs to the US economy, brought unemployment down, and opened the economy while keeping the country safe from the pandemic. This experienced team will ensure the Fed's independence and offer a steady hand on the rudder. We urge your swift consideration and support." [Statement, 1/31/22]

Senate Banking Committee Chairman Brown: "There is no question that these nominees are qualified. They are well established and respected in the public and private sectors and academia. They also have bipartisan support from top economists, former Fed Governors, bankers, and other organizations. In my meetings with them, they made clear that they understand how our economy works – and who makes it work. I look forward to their hearing next week and urge my colleagues to end their baseless smear tactics and support these nominees. They have been fully transparent and provided the information requested by the Committee. And they will all bring new and important perspectives to the Federal Reserve Board about the economic issues that matter most to Americans' lives, like raising wages, increasing job opportunities, and bringing down prices." [Statement, 1/28/22]

Ray Curry, President, UAW: "President Biden[']s appointment of Professor Lisa Cook and Phillip Jefferson to the Federal Reserve's Board of Governors is a breath of fresh air as they bring much needed diversity and with that a deeper appreciation as to how the Fed influences the daily lives of all UAW members, retirees and working Americans throughout the country. Workers are increasingly impacted by climate change and the advent of new technologies. Meanwhile, unfair lending practices and discrimination in our financial markets continue to create roadblocks for people pursuing the American dream. Working Americans need board members who will deepen the Fed's understanding as to how their actions impact our daily economic security. Cook and Jefferson have demonstrated that they are well suited to help the Fed meet these challenges head on. In addition, with the appointment of Sarah Bloom Raskin to the top job overseeing the nation's banks, President Biden has acted to ensure average Americans will have a seat at the table when important economic decisions are made, I strongly urge the Senate move swiftly to confirm all three candidates so they can bring the voice of America's working families to the powerful Federal Reserve." [Statement, 1/31/22]

Dennis Kelleher, Co-founder, President, and CEO, Better Markets: "President Biden's recent nominees for the Federal Reserve's Board of Governors, Sarah Bloom Raskin, Lisa Cook and Philip Jefferson, are all incredibly well qualified professionals and merit Senate confirmation. However, ignoring their experience and qualifications, some critics have misleadingly cherry-picked and distorted their records, particularly Ms. Raskin's views regarding climate. However, as detailed in the Fact Check Memo we are releasing today, Ms. Raskin's actual statements and views on climate align with Fed Chair Powell, former Fed Vice Chair for Supervision Randy Quarles, the biggest banks on Wall Street, financial industry leaders, and others." [Statement, 1/31/22]

South Dakota State Senator Reynold F. Nesiba: "President Biden has nominated a serious, qualified, nonpartisan group of five nominees for the Board of Governors of the Federal Reserve. Together they bring an extraordinary amount of skill, experience, and competence to the Federal Reserve … I urge Senators Rounds and Thune to vote to confirm these five qualified and nonpartisan nominees. Their education and prior experience will help our economic system address the continuing challenges caused by the pandemic." [Statement, 1/28/22]