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President Biden nominates Davidson College economics professor to powerful Fed board

Hannah Lang and Danielle Battaglia, The News & Observer on

Published in Business News

President Joe Biden nominated a Charlotte-area economist to a seat on the Federal Reserve, the White House said Friday.

Biden nominated Philip Jefferson, an economist and administrator at Davidson College, to the Fed’s influential Board of Governors. If confirmed, he would serve a 14-year term beginning Feb. 1

The president also nominated Lisa Cook, an economist at Michigan State University, and Sarah Bloom Raskin, a former deputy secretary of the Treasury under the Obama administration. Raskin would be the Fed’s top banking regulator.

Jefferson would be the fourth Black man to serve on the board. If confirmed, the picks would result in the most diverse board in Fed history.

“We are at a moment of historic economic progress alongside unique economic challenges as we work to drive our recovery forward,” Biden said in a statement.

“This is a moment that calls for sound, independent leadership from the Board of Governors at the Federal Reserve,” the president said. “That is why I am proud to nominate Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson, who will bring a breadth of knowledge, experience and expertise to the Board of Governors.”

 

A diverse Fed board

If these nominations are confirmed by the U.S. Senate it will also mark the first time an African American woman has served on the board and the first time three women have served on the board together.

“When we have leaders in the federal government that reflect the diversity of our country, it results in better outcomes for all Americans,” the White House said in a statement. “That is especially true in our economy where too many groups historically have been left behind, or left out altogether.”

The nominations came during a time when many Democrats worry that the president might be blamed for the state of the economy including rising inflation rates.

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