January 31, 2022

Reporter Memo: Federal Reserve Nominees Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson

TO: Editors, Editorial Writers, and Reporters

FROM: Senate Banking and Housing Committee Majority Staff

RE: Federal Reserve Nominees Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson


OVERVIEW: President Biden’s Fed nominees will ensure workers and their families reap the benefits of the economic growth they create, and will fight for all the communities that have been left on their own, from Black and brown workers to rural towns to the industrial heartland.

  • After the 2008 financial crisis, the Federal Reserve focused its recovery efforts on Wall Street – which came booming back, while the rest of the American people still struggled to make ends meet. We cannot repeat that mistake now.
  • We need leaders at the Federal Reserve who are committed to creating a system where everyone can find a good job, and where workers and their families finally get their fair share of the economic growth they create.
  • Throughout their careers, these nominees have proven they understand the real economy, the importance of empowering workers through full employment, and the damage Wall Street can do when left unchecked.
  • These nominees will bring their unique and important perspectives to the Federal Reserve Board, and will focus on the economic issues facing women, Black and brown workers, and rural and industrial communities across the country.

What they’re saying:

“President Biden’s latest nominees to the Federal Reserve — Sarah Bloom Raskin to be vice chair for supervision and economists Lisa Cook and Philip Jefferson to be Fed governors — are highly qualified experts who deserve to be confirmed swiftly." 

Washington Post Editorial Board

“We congratulate Sarah Bloom Raskin, Lisa Cook and Philip Jefferson on their nominations to serve on the Federal Reserve Board. If confirmed, all three would be joining the board at an important moment for our economy given the ongoing pandemic, the recent rise in inflation and other challenges.”

American Bankers Association

Congratulations to Sarah Bloom Raskin, Lisa Cook and Philip Jefferson on their nominations to the Fed Board. An outstanding group of nominees. I hope the Senate will confirm them as soon as possible.”

Cam Fine, President & CEO of Calvert Advisors, LLC. Former President/CEO of the ICBA

“We stand with [the President] on the nomination of this slate of Federal Reserve Board nominations especially Sarah Bloom Raskin for Vice Chair for Supervision, Lisa Cook (CBC-Endorsed), and Philip Jefferson.”

Congressional Black Caucus

"It's clearly a changing of the guard… This is a "path-breaking new set of nominees who will bring important perspectives and representation to the board."

Harvard University Professor Larry Katz in Reuters

“We applaud the nominations of Sarah Bloom Raskin as Federal Reserve Board Vice Chair for Supervision, and Lisa Cook and Philip Jefferson as Governors…These nominations demonstrate the president’s continued commitment to advancing financial security for underserved people and communities.”

National Community Reinvestment Coalition

“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…”

Americans For Financial Reform

“We commend President Biden’s Federal Reserve appointments and urge their speedy confirmation by the U.S. Senate.” 

Liz Shuler, President AFL-CIO

“We congratulate the nominees and appreciate the depth and diversity of experience they would bring to the Federal Reserve” 

Financial Services Forum

“We applaud President Biden’s nomination of Dr. Lisa D. Cook and Dr. Philip Jefferson to serve on the Board of Governors of the Federal Reserve System, and Sarah Bloom Raskin, Esq., to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System.” 

National Fair Housing Alliance 

“The nominees, each with deep and broad experience, are incredibly well qualified professionals and deserve a confirmation hearing before the Senate Banking Committee and a vote before the full Senate as soon as possible." 

Dennis Kelleher, Co-founder, President and Chief Executive Officer Better Markets 

“Sarah Bloom Raskin, Lisa Cook, and Phillip Jefferson are highly qualified and accomplished academics and economists who have led their fields.” 

Action Center on Race and Economy (ACRE) 

“Congratulations to [Sarah Bloom Raskin], [Lisa Cook] and Philip Jefferson on their nominations to the Federal Reserve Board. They bring expertise, experience and commitment."

Joseph Stiglitz, Nobel Laureate