With the leadership nomination moved to the Senate, President Biden is considering letting economists fill seats in the Fed: report

With the leadership nomination moved to the Senate, President Biden is considering letting economists fill seats in the Fed: report

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According to reports, the White House is considering the use of Obama-era economic advisers and former Federal Reserve economists to fill the vacant seats on the Federal Reserve System Board of Governors in 2022.

According to a report by the Washington Post citing people familiar with the matter on Wednesday, US President Joe Biden (Joe Biden) still consider In addition to economists Lisa Cook and Philip Jefferson, Sarah Bloom Raskin, a professor of law at Duke University, will hold one of the seven Federal Reserve governors vacant this year. Cook teaches at Michigan State University and previously served as a member of the White House Council of Economic Advisers under President Obama, and Jefferson was a research economist at the Federal Reserve Board.

This report was officially released at the White House Announce On Tuesday, it sent Jerome Powell and Lael Brainard’s Nominated by the Senate Wait for confirmation before serving as the next chairman and vice chairman of the Fed. Powell has been chairman since 2018, and Brainard has been a member of the board of directors since 2014. The Senate’s confirmation will allow Powell and Brainard to serve as the two top leaders of the Federal Reserve until 2026, while Ruskin, Cook, and Jefferson will serve as Fed Chairman. If their names are proposed, their terms of office may be 14 years. .

The Fed’s open position to Biden’s choice is the result of board member Randall Quarles Resign Effective from the end of December 2021, the current Vice Chairman Richard Clarida is expected to resign in January 2022. A major change in the composition of one of the top financial regulators in the United States may have an impact on the image of the government in cryptocurrency.Although Biden has not officially announced who will fill the vacant seat, he Say In November, he plans to nominate replacement candidates, with a focus on “improving the diversity of board composition.”

related: Federal Reserve Chairman Jerome Powell stated that he is not worried that encryption will undermine U.S. financial stability

The leadership of other U.S. government agencies responsible for digital asset regulation, including the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, may be adjusted in 2022.Member of the US Securities and Exchange Commission Elad Roisman (Elad Roisman) Expected to leave the institution By the end of January, Allison Lee’s term will expire in June.

Among the five normal committee members, only two currently serve in the CFTC. In the same statement from the White House yesterday, Biden sent the names of Christine Johnson and Christie Goldsmith Romero to the Senate to fill two CFTC committee seats. However, with the departure of Commissioner Dawn Stump in February, the President of the United States may have more opportunities to select financial experts who may have an impact on crypto-related policies.