Consumer Group Applauds Biden’s Federal Reserve Nominees

Americans for Financial Reform Calls for Regulation, Supervision of Wall Street

Photo by Etienne Martin on Unsplash

Following the announcement that President Biden has nominated three new members to the Board of Governors of the Federal Reserve, consumer advocacy group Americans for Financial Reform praised the nominees and called for more aggressive regulation of Wall Street by the Fed.

Biden announced the nomination of Sarah Bloom Raskin to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System and the nomination of Lisa Cook and Philip Jefferson to serve on the Board of Governors of the Federal Reserve System.

In announcing the move, the White House noted:

Our economy has made enormous progress over the past year, with 6.4 million jobs created and unemployment falling to 3.9% — four years faster than projected. At the same time, our economy is facing the challenge of price increases that are squeezing families’ budgets.

The President is confident that the Federal Reserve will act to achieve their dual goals of maximum sustainable employment and price stability and make sure that price increases do not become entrenched over a long term with the independence that they need.

Americans for Financial Reform expressed confidence in the nominees and called for swift Senate approval.

President Biden’s nomination of the highly qualified Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to the Federal Reserve Board is a very welcome step forward towards a better-regulated Wall Street, which remains vital for protecting financial stability and building a more just and sustainable economy. The Senate should confirm them to their posts as soon as possible.

Additionally, the consumer-friendly group suggested the new nominees should push the Federal Reserve in a new direction.

The Fed needs to steer a new course that begins with a reversal of the deregulation of the Trump era. This work must continue with pro-active regulation and supervision of Wall Street to tackle the dangers posed to everyday people and the stability of the financial system by excessive risk-taking and…