FOR IMMEDIATE RELEASE
Jan. 14, 2022
Statement on Federal Reserve Nominees
President Biden’s nomination of the highly qualified Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to the Federal Reserve Board is a very welcome step forward towards a better-regulated Wall Street, which remains vital for protecting financial stability and building a more just and sustainable economy. The Senate should confirm them to their posts as soon as possible.
The Fed needs to steer a new course that begins with a reversal of the deregulation of the Trump era. This work must continue with pro-active regulation and supervision of Wall Street to tackle the dangers posed to everyday people and the stability of the financial system by excessive risk-taking and concentrated corporate power. Chair Jerome Powell has repeatedly said he will respect the authority given to the vice-chair for supervision, the post to which Bloom Raskin has been nominated. We expect him to honor that commitment.
The nomination of two Black Americans, Cook and Jefferson, is an important step to diversify the Fed board. It remains the responsibility of all members of the Board to help fight structural racism and promote economic justice. The Fed cannot continue its pattern of enabling speculation in financial markets and then bailing Wall Street out while everyday people, especially communities of color, suffer.
Finally, all of these candidates, once confirmed, must ensure that the Fed takes up its core responsibility to contend with the systemic risk posed by climate change.