President Biden Appoints Economist to Fed Board Seat, Sarah Bloom Ruskin to Vice Chair of Oversight

The White House has officially named former Fed Governor Sarah Bloom Ruskin as the Fed’s vice chair of oversight and appointed economists Lisa Cook and Philip Jefferson to fill two vacant seats on its board.

In Friday’s announcement, U.S. President Joe Biden Say In addition to Ruskin, he nominated Cook, an Obama-era economic adviser and Michigan State University faculty member, and Jefferson, a former research economist at the Federal Reserve, to the board. Jefferson and Cook will occupy two vacant seats among the seven governors, with Jerome Powell and Lyle Brainard nominated for chair and vice chair, respectively.

According to the U.S. president, the three nominees have “the experience, judgment, and integrity to lead the Federal Reserve and help us rebuild the economy better for working families.” He cited Jefferson and Cook’s decades of work on economic issues. work experience, while saying Ruskin is “one of the most qualified nominees ever” for the vice chair of oversight.

In contrast to the vice chair of the Federal Reserve Board of Governors, the vice chair of oversight is a relatively new role in the government agency. Randal Quarles was the first to serve in the role for the full four terms from 2017 to 2021, before stepping down from the Fed’s board shortly after in December. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, pass through In 2010, the Vice-Chair for Regulation “will make policy recommendations to the Board on the regulation of depository institution holding companies and other financial companies regulated by the Board, and oversee the regulation of such companies.”

Numerous vacancies have emerged at the Fed as terms expire and board members resign, giving President Biden an opportunity to change the agency’s leadership. This week, his picks for Fed chair and vice chair — Jerome Powell and Lyle Brainard, respectively — Testify before the Senate Banking Committee before the full Senate vote. If they get more than 50 votes, Powell, Brainard and Ruskin will serve as leadership on the Fed’s board until 2026, with Cook and Jefferson serving 14-year terms.

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A major change in leadership at some of the top U.S. financial regulators could have an impact on how the government views cryptocurrencies and blockchain. Both the Securities and Exchange Commission and the Commodity Futures Trading Commission are likely to restructure in 2022, SEC commissioner expected to leave This month’s Elad Roisman and June’s Allison Lee. Additionally, President Biden has not hinted that he intends to renominate CFTC Commissioner Dawn Stump before her term expires in April.