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Biden nominates three Fed officials

Biden nominates three Fed officials

2022-01-15 09:36:35Source: Xinhua News Agency

Xinhua News Agency, Washington, January 14 (Reporter Gao Pan Xiong Maoling) US President Biden announced on the 14th that he nominated Sarah Bloom Ruskin, a former Treasury Department official, to serve as the vice chairman of the US Federal Reserve for financial supervision. Two university professors serve as Fed governors.

In a statement issued by the White House on the same day, Biden said that the current U.S. economy is facing the challenge of rising prices and requires the Federal Reserve to play a stable and independent leadership role. Ruskin is one of the most qualified candidates to serve as the Fed’s vice chair for financial regulation; Michigan State University economics professor Lisa Cook and Davidson College economics professor Philip Jefferson are brilliant economists who have worked on a range of economies. Extensive experience on the issue.

Biden said the trio, along with Powell, who was previously nominated for re-election as Fed chair, and others, will continue to steer the U.S. economy on a strong and sustainable recovery path while ensuring that price increases do not become entrenched in the long run.

Biden nominated Powell for re-election as Fed chairman in November last year, and Fed Governor Brainard as vice chairman. The five nominees need to be approved by the U.S. Senate.

According to reports, Ruskin was a former deputy secretary of the Treasury and a Fed governor, Cook was a White House economist and Jefferson was a Fed economist.

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