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Biden nominates three Federal Reserve officials

Washington: US Governor Joe Biden has announced the nomination of three Federal Reserve Boards as he seeks to reorganize the central bank amid a stagnant economic recovery.

According to White, Biden nominated Sarah Bloom Ruskin as Vice-Chairman of the Federal Reserve Board and Lisa Cook and Philip Jefferson as Federal Reserve Board members on Friday. House statement.

“Ruskin is one of the most talented candidates to date for the position of Vice Chairman, and Jefferson and Cook are talented with decades of experience working on a wide range of economic issues,” the U.S. President said in a statement. He is an economist. “

Ruskin has served as both Deputy Chief Cabinet Secretary of the US Treasury and President of the Federal Reserve Board. She also served as a financial regulator in Maryland, the Xinhua News Agency reported.

Cook, now a professor of economics and international affairs at Michigan State University and a researcher at the National Bureau of Economic Research, served on the White House Economic Advisory Board under former President Barack Obama. She is a member of the Advisory Board of the Federal Reserve Bank of Chicago.

Jefferson, Vice President and Dean of Academic Affairs, and Paul B. Freeland, Professor of Economics at Davidson College, are members of the Vasser University Council, an advisory board to the Federal Reserve Bank’s Opportunity and Inclusive Growth Institute. increase. Of Minneapolis. He is a former president of the National Bureau of Economic Research.

In late November, Biden announced his intention to nominate Jerome Powell as Chairman of the Second Federal Reserve Board and Rael Brainard, a member of the Federal Reserve Board, as Vice-Chairman.

In early November 2021, Federal Reserve Board Randall Qualls said he would resign from the central bank at the end of December, giving the central bank’s seven-seat governor three open spots to the Biden administration. The term of Governor of Federal Reserve Vice-Chair Richard Clarida will expire by the end of January.

The seven-seat governors set interest rate policies with the central bank’s 12 regional bank governors, five of whom can vote for policy meetings. Local bank governors patroll the voting seats, but the Federal Reserve Bank of New York is always voting.

https://www.siasat.com/biden-nominates-three-federal-reserve-officials-2258582/ Biden nominates three Federal Reserve officials

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