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Campaign Updates

02/1/2022

Biden’s Historically-Diverse Slate of Federal Reserve Governor Nominees is a Win for our Country and Must be Confirmed

“Biden’s nominees are eminently qualified and represent a step towards a Board that is more representative of the country it serves and a Fed that will fulfill its mandate to protect."

“Biden’s nominees are eminently qualified and represent a step towards a Board that is more representative of the country it serves and a Fed that will fulfill its mandate to protect not just banks and wealthy investors, but workers and the economy as a whole.”  

NEW YORK - As the Senate Banking Committee prepares to hold a hearing today on the nomination by the Biden Administration of three new members to the Board of Governors of the Federal Reserve, Analilia Mejia and DaMareo Cooper, the Co-Executive Directors of the Center for Popular Democracy, issued the following statement:

“For too long the Federal Reserve has done what is best for banks, corporations, and wealthy investors, typically at the expense of workers. But the Fed has a responsibility to manage economic growth so that everyone benefits, not just those on top.

“The Biden Administration has nominated three leaders in their fields who each have a strong track record of focusing on the whole economy, not just on the rich and powerful. Dr. Lisa Cook, Dr. Philip Jefferson and Dr. Sarah Bloom-Raskin are well-respected and brilliantly qualified to help the Fed support an economy that will bring opportunity to everyone — including the Black and brown communities that have been denied a just economy for so long. 

“Biden’s nominees are eminently qualified and represent a step towards a Board that is more representative of the country it serves and a Fed that will fulfill its mandate to protect not just banks and wealthy investors, but workers and the economy as a whole.

“We support the full slate of Biden’s nominees to the Fed. With Dr. Cook, Dr. Jefferson and Dr. Bloom-Raskin, along with current Fed Governors Jerome Powell and Dr. Lael Brainard, our country will have an unquestionably qualified group of Governors with the skills needed to help the Fed create a more inclusive, equitable economy where all can flourish. We call on the Senate to confirm these three nominees.”

The Federal Reserve is the most powerful economic policy institution in our country, tasked with managing the economy. The Biden Administration has nominated three new members to the Board of Governors, the main governing body of the Fed. If confirmed, these nominees would be part of the most diverse Board of Governors in the Fed's history:

  • Dr. Lisa Cook has served on the White House Council of Economic Advisors and in appointments at regional Fed banks around the country. She has developed research that grapples with how the Fed can support an economy that brings economic opportunity to everyone.

  • Dr. Philip Jefferson has a long history as an expert in macro-economic theory and practice, including as an economist at the Board of Governors. His focus on poverty, inequality, unemployment and education will be a valuable contribution to the Fed.

  • Dr. Sarah Bloom-Raskin is a former Treasury deputy secretary and Fed governor. She is widely known as a financial regulatory expert, having been deeply involved in the writing and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. She has been nominated as vice-chair for supervision at the Fed to handle regulatory matters, and is an ideal candidate. 

ABOUT THE CENTER FOR POPULAR DEMOCRACY

The Center for Popular Democracy is a national network of more than 50 community organizations dedicated to achieving racial and economic justice through local grassroots organizing. CPD trains and supports leadership, staff, and members to grow base-building organizations to scale and leverage that strength to win cutting-edge policy victories at the federal, state and local level.