![]() ![]() ![]() The president’s selections could also be a counterweight to the drive to act more aggressively to fight spiking inflation, a possible source of tension on the board and with GOP lawmakers. Toomey, who has already raised concerns about Raskin’s nomination, said he worried that she would go beyond the Fed’s mandates “to have the central bank actively engaged in capital allocation.” Jefferson have the necessary experience, judgment, and policy views to serve as Fed Governors.” Pat Toomey (R-Pa.), the top Republican on the committee, said in a statement Thursday night. “Members of the Fed’s Board of Governors should have exceptional qualifications and a strict view of the Fed’s narrow mandates on monetary policy and banking supervision,” Sen. Raskin and Cook are likely to draw the most criticism from GOP lawmakers on the Senate Banking Committee, which will vet the nominees. That will spark resistance from some Republicans, who have complained that the Fed is exceeding its mission of promoting price stability and maximum employment. The new members are likely to push for a greater emphasis at the Fed on issues such as climate change financing, diversity in the financial services industry and lending discrimination, areas that have often been considered secondary to - or, in the case of climate, not even part of - the central bank’s responsibilities. “This group will bring much needed expertise, judgment and leadership to the Federal Reserve while at the same time bringing a diversity of thought and perspective never before seen on the board of governors,” Biden said in a statement announcing the nominations. “While the Fed has made great strides in some areas, we have much work to do with regards to the members of the, who determine this country’s monetary policy.”īiden’s new Fed would be the most diverse ever, with four women on the seven-member board and its first woman of color with Cook. Joyce Beatty (D-Ohio), who heads the Congressional Black Caucus, told POLITICO before the announcements. “For the past six years, I have pressed multiple Federal Reserve chairs to increase the diversity of the leadership and staff,” Rep. That lack of representation led to mounting frustration among key Democratic constituencies - and prompted Biden to pledge in November to bring “new diversity” to the Fed - even as the central bank has begun to focus more on disparities in economic outcomes for disadvantaged communities. ![]()
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