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Biden nominates three Federal Reserve officials

Washington, January 14 (Xinhua)-Friday US President Joe Biden has announced the nomination of three Federal Reserve Board members as he seeks to reorganize the central bank amid a turbulent economic recovery.

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

“Mr. Ruskin is one of the most capable candidates to date as Vice-Chair of the U.S. Federal Preparatory Board, and Jefferson and Cook have addressed a wide range of economic issues,” Biden said in a statement. He is a talented economist with decades of experience. “

Ruskin has served as both Deputy Chief Cabinet Secretary of the US Treasury and President of the Federal Reserve Board. She also served on Maryland’s Treasury Regulatory Commission.

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 Professor of Economics at Davidson College Paul B. Freeland, is a member of the Wasser College Board of Directors of the Federal Reserve Bank’s Opportunity and Inclusive Growth Institute. increase. 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.

Earlier that month, Federal Reserve Board Randal Quarles 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 the Federal Reserve Vice-Chairman 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.

Biden nominates three Federal Reserve officials

Source link Biden nominates three Federal Reserve officials

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