Sarah Bloom Raskin and Lisa Cook would bring much-needed expertise and commitment to fighting economic inequality

WASHINGTON— The Open Markets Institute applauds President Biden for nominating Sarah Bloom Raskin, former Deputy Treasury Secretary and Federal Reserve Governor, to be the Fed’s Vice Chair for Supervision, and Dr. Lisa Cook, Michigan State University professor and leading economist, to join the Board of Governors Federal Reserve.

Dr. Cook and Bloom Raskin are strong candidates who will champion financial regulatory protections and economic equality to fill the remaining open seats on the Federal Reserve Board.

Open Markets has previously advocated for Biden to nominate Bloom Raskin and Cook:

• Lisa Cook is a demonstrated leader on how to tackle the racial wealth gap, protect low-wage workers, avoid dangerous financial deregulation, and address the underrepresentation of minorities in economics. As senior economist at President Obama’s Council of Economic Advisers, she documented the effects of foreclosures during the Great Recession.

• Sarah Bloom Raskin brings deep regulatory expertise and a proven track record of consumer protection, as demonstrated by her tenure at the Federal Reserve, the Treasury Department, and as the chief financial regulator for the state of Maryland. She’s a leading voice on the ways that climate risk imperils both financial institutions and the broader economy, and has advocated for economic recovery programs that don’t further exacerbate inequality. Bloom Raskin’s expertise includes on-site supervision, enforcement, and a credible and deep understanding of the financial sector. Bloom Raskin has been confirmed twice before with wide margins.

In response, Barry Lynn, executive director at Open Markets Institute, issued the following statement:

“We are thrilled to see President Biden nominate such strong champions of financial regulatory protections and economic equality to the remaining open seats. Bloom Raskin and Dr. Cook are the kind of leaders the Federal Reserve needs to guarantee that the economic recovery works for all people.”

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