According to an article published by the Wall Street Journal (WSJ), US President Joe Biden is considering nominating former Fed board of governors member and former Treasury Department official Sarah Bloom Raskin for the role of vice chair for supervision of the banking system. For the other two board of governor seats that will some become available, Biden is reportedly considering Lisa Cook, a professor of economics and international relations at Michigan State University and Philip Jefferson, a professor at Davidson College in North Carolina.
The appointments will likely appeal to the progressive wing within the Democrat party who have decried the Fed's lack of diversity (in terms of gender and ethnicity). Lisa Cook and Philip Jefferson are both African American.
Market Reaction
There hasn't been any market reaction to the latest news of potential Fed board of governor nominees.
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