Finance

Biden on Friday tapped two Black economists — Lisa Cook and Philip Jefferson — for open seats on the board.

President Joe Biden announces that he is nominating Jerome Powell for a second term as Federal Reserve chair and Lael Brainard as vice chair during an event on the White House complex on Nov. 22, 2021. | Susan Walsh/AP Photo

By VICTORIA GUIDA

01/14/2022 01:56 PM EST

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President Joe Biden’s latest nominations to the Federal Reserve Board mark a major victory for lawmakers and other diversity advocates who have long pushed for new voices at the world’s most powerful central bank.

Biden on Friday tapped two Black economists — Lisa Cook and Philip Jefferson — for open seats on the board. He also named Sarah Bloom Raskin, an aggressive regulator and former Fed governor, for the top job overseeing the nation’s banks, which would make her the first woman to hold that post.

Biden’s move, which came after a lobbying campaign by lawmakers such as Senate Banking Chair Sherrod Brown (D-Ohio), House Financial Services Chair Maxine Waters (D-Calif.) and other members of the Congressional Black Caucus, would solidify the president’s influence over the Fed during a time of tremendous economic uncertainty for the country. He has already renominated Fed Chair Jerome Powell and picked Fed Governor Lael Brainard to be vice chair.

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