Biden Is Working With Lawmakers on Nominees to Federal Reserve

(Bloomberg) -- The Biden administration is working with lawmakers to finalize his three remaining picks for the Federal Reserve, said White House National Economic Council Director Brian Deese.

“We are working closely with congressional leadership to finalize those additional nominees and are confident that we can move them on a schedule that will mean that they can be in place at the appropriate cadence,” Deese told reporters Wednesday at the White House.

Sarah Bloom Raskin, a former deputy Treasury secretary, is a leading contender for the vice chair of supervision at the Federal Reserve, Bloomberg News reported previously. 

In addition to the key banking regulation job that Raskin is up for, there are two additional openings on the Federal Reserve for President Joe Biden to fill, and the White House is expected to name its picks soon. 

Economist Philip Jefferson is a likely nominee for a board seat as well.

Federal Reserve Governor Lael Brainard, nominated by Biden to serve as Fed vice chair, will face Senate Banking Committee members for her confirmation hearing on Thursday. Lawmakers heard Tuesday from Fed Chair Jerome Powell, renominated by Biden to continue serving in the post.

Pat Toomey, the top Republican on the committee, said Tuesday he has “serious concerns” about the possible nomination of former Fed governor Raskin.

©2022 Bloomberg L.P.