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Biden considers diverse slate of nominees for Fed Board

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President Biden is considering nominating two women, one of whom is Black, and a Black man for key roles on the Federal Reserve in a bid to increase the central bank’s diversity, according to a report Monday.

Mr. Biden reportedly is considering Sarah Bloom Raskin, a former Fed governor and Obama-era Treasury Department official, for vice chair of supervision, the nation’s top banking system regulator.

Also being considered: Lisa Cook, a professor of economics at Michigan State University, and Phillip Jefferson, a professor and administrator at Davidson College in North Carolina. Ms. Cook and Mr. Jefferson are Black.

The Wall Street Journal first reported the potential nominees.

The White House did not immediately respond to a request for comment from The Washington Times.

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In the Fed’s 108-year history, it has had only three Black board members, all of them men. The last Black board member, Roger Ferguson, left in 2006. If Ms. Cook is confirmed, she would be the first Black woman to serve on the Fed’s board.

Mr. Biden last month pledged to nominate candidates who would improve diversity at the Fed.

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