President Joe Biden will nominate three people to the Senate for the Federal Reserve’s board of governors
Biden is also nominating an economist, dean of faculty at Davidson College in North Carolina, and Philip Jefferson, a former Fed researcher, who was not authorized to speak on record, according to a person familiar with the decision on Thursday. Three nominations have to be approved by the Senate.
Ruskin’s nomination will be welcomed by progressive senators and advocacy groups, which see him as a tougher bank regulator than Chair Jerome Powell. He is also seen as a man committed to incorporating climate change considerations into the oversight of the Fed’s banks. For this reason, however, he has already opposed Republican senators.
In a May 2020 column in The New York Times, Ruskin criticized the Fed’s willingness to lend to oil and gas companies as part of its efforts to bolster the financial sector in the depths of the pandemic recession.
Cook, along with Jefferson, will be the fourth and fifth black member of the Fed’s board of governors in its 108-year history. She has been Professor of Economics and International Relations at Michigan State since 2005. She was also a staff economist on the White House Council of Economic Advisors from 2011 to 2012 and an advisor to the Biden-Harris transition team on the Fed and the Bank. regulatory policy.