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January 14, 2022

President Biden’s Three Nominees to the Federal Reserve Board Are All Deeply Experienced and Highly Qualified

FOR IMMEDIATE RELEASE
Friday, January 14, 2022
Contact: Doug Walker at 202-618-6430 or dwalker@bettermarkets.org

WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement in response to President Biden’s nomination of Sarah Bloom Raskin, Lisa Cook and Philip N. Jefferson to serve on the Federal Reserve Board:

“We applaud President Biden for nominating Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to serve on the Federal Reserve’s Board of Governors. 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.

“As proved by these nominees, deeply experienced and highly qualified Americans from all walks of life are available to serve the country in our highest offices, including those related to financial and economic matters. It is unfortunate that the adjective “first” is still being used for any nominees for any position in the U.S. government. We look forward to the day when it won’t be remarkable that nominees for senior government positions come from communities of color or previously unrepresented groups. It’s past time for all parts of our government to look like America because that government serves all of America.

“The country is at an economic and financial crossroads without a roadmap: The Federal Reserve’s balance sheet is at an all-time high of almost $9 trillion; real interest rates are negative as inflation hits quarterly highs; and there are dangerous bubbles in the debt, equity and other markets. As the pandemic continues to ravage the country, as the economic fortunes of Americans continue to diverge, and as Federal Reserve faces historic and unprecedented policy decisions, it is imperative that that the Federal Reserve Board have all seven members confirmed and serving to make the critical decisions that face the country. We hope these nominees will be on the Board to fulfill those roles swiftly.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.

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