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Biden’s Latest Fed Picks Set Board on Path Toward More Diversity

  • If confirmed, Jefferson would be fourth Black male governor
  • Choices also include a progressive favorite as top banking cop
Lisa Cook
Lisa CookPhotographer: David Paul Morris/Bloomberg

President Joe Biden plans to nominate the first Black woman to the Federal Reserve Board of Governors as well as the first female to be vice chair of supervision.

Lisa Cook will be selected as a governor alongside Philip Jefferson -- who is also Black -- and former Fed Governor Sarah Bloom Raskin, who’s picked to be vice chair of supervision. The three complete Biden’s selections for the U.S. central bank as it tries to curb generation-high inflation without choking off the labor market’s recovery from the Covid-19 pandemic. He has also nominated Jerome Powell to serve a second four-year term as chair and elevated Governor Lael Brainard to be vice chair. All must be confirmed by the Senate.