President Biden Nominates Members to the Federal Reserve Board

On January 14, 2022, President Joseph R. Biden sent nominations to the Senate to fill vacancies on the Federal Reserve Board ("FRB"). The President's nominations include:

• For Member of the FRB - Sarah Bloom Raskin, of Maryland, for an unexpired term of 14 years from February 1, 2018, replacing Randal Quarles.

• For Vice Chairman for Supervision of the FRB - Sarah Bloom Raskin, of Maryland, for a term of four years, replacing Randal Quarles.

• For Member of the FRB - Lisa DeNell Cook, of Michigan, for an unexpired term from February 1, 2010, replacing Janet L. Yellen.

• For Member of the FRB - Phillip Nathan Jefferson, of North Carolina, for a term of 14 years from February 1, 2022, replacing Richard Clarida.

Treasury Secretary Janet L. Yellen expressed support for the nominees, noting (i) their diversity in backgrounds that will provide new perspectives and (ii) their commitment to achieving the board's "mandate of stable prices and maximum employment."

In separate statements, Senate Banking Committee Chair Sherrod Brown (D-OH) and House Financial Services Chair Maxine Waters (D-CA) also applauded the President's nominees. Senator Brown emphasized the nominees' perspectives that they will bring to the Board with respect to "the economic issues [of] women, Black and brown workers, and rural and industrial communities across the country face." Representative Waters noted the importance of "[d]iverse and transformative leadership at the Fed" at a time when "the economic fallout from the pandemic has hurt communities of color the most."