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28 Sep, Wednesday
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Bull Trader USA

The Wall Street Journal: Biden considering Sarah Bloom Raskin to serve as top banking regulator at Fed

President Biden is considering Sarah Bloom Raskin for a top role at the Federal Reserve as part of a slate of three nominees for central bank board seats, according to people familiar with the matter.

The administration is eyeing Raskin, a former Fed governor and former Treasury Department official, to become the central bank’s vice chairwoman of supervision, the government’s most influential overseer of the American banking system, the people said.

Biden is also considering two economists for other Fed board seats that will soon be vacant: Lisa Cook, a professor of economics and international relations at Michigan State University; and Philip Jefferson, a professor and administrator at Davidson College in North Carolina.

Raskin’s nomination could mollify progressive Democrats, some of whom opposed Biden’s decision in November to offer a second term to Fed Chairman Jerome Powell, a Republican first chosen for the top job by former President Trump. They have called for the Fed to take a tougher stance in regulating big banks and a bolder approach in addressing financial risks posed by climate change.

Sen. Elizabeth Warren, a Massachusetts Democrat, has signaled to the White House she would support either Raskin or Richard Cordray, the Consumer Financial Protection Bureau’s first confirmed director, who also has been under consideration for the Fed’s banking-regulator post.

An expanded version of this report appears at WSJ.com.

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