Sarah Bloom Raskin to Be the First Black Woman to Serve on the Fed’s Board as Vice Chair

Photo by Steve Johnson on Unsplash

Sarah Bloom Raskin is all set to make history as she is going to be the first black woman to serve on the Fed’s Board as Vice-Chair. President Joe Biden who has appointed many women in different positions has once again nominated Sarah to be the Federal Reserve’s next vice chair for supervision which is a powerful regulatory role.

President Biden has nominated two more people along with Sarah to serve as Federal Reserve governors. Two more names who are going to serve as the Federal Reserve governors are Lisa Cook and Philip Jefferson. The nominations decision comes at an uncertain time for the Fed, which has in recent weeks hinted it has decided to raise interest rates to fight inflation.

Lisa Cook is an economist who teaches at Michigan State University and earlier worked on the Council of Economic Advisers during the Obama administration, and Davidson College’s Philip Jefferson is a former Fed economist. If nomination confirmed, Cook would be the first Black woman to work on the Fed’s seven-member board, while Jefferson would be the fourth Black man.

Additionally, various senators and advocacy groups will applaud Raskin’s nomination to the position of Fed vice chair for supervision, the nation’s top bank regulator. They believe she will take a tougher stance on banking reform than Randal Quarles, a Trump appointee who resigned from that role last month.

They also considered her someone who is devoted to including climate change factors in the Fed’s bank supervision. She has already faced backlash from certain Republican senators as a result of this. Furthermore, Sarah has experience at the Fed and worked as a governor at the central bank from 2010 to 2014 before working as deputy secretary of the Treasury under the Obama administration. She has tied a knot to Rep. Jamie Raskin, D-Md.