Washington, D.C. — Yesterday, the Senate held a hearing for three of President Biden’s nominees to the Federal Reserve: Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson. Raskin was nominated to be vice chair for supervision, a key regulator for the banking industry, while Cook and Jefferson were both nominated for positions on the Board of Governors.
The Senate Banking, Housing and Urban Affairs Committee is expected to vote soon on all three nominees, along with current Chair Jerome Powell and governor Lael Brainard, who President Biden is seeking to reappoint and promote to vice chair, respectively.
Ahead of the committee votes, more than 130 small business leaders from around the country signed a letter urging the Senate to confirm all five nominees in a timely manner.
“President Biden’s nominees to the Federal Reserve are not only eminently qualified due to their deep experience as economists, but also due to their diverse backgrounds,” said Stephanie Rakofksy, CEO and Owner of Social Work Consultants in Miami, Florida. “The Fed is meant to keep inflation low and ensure a labor market that maximizes employment opportunities. Having a diverse board will ensure that those opportunities are available for all,” she continued.
To learn more about why small business backs the Fed nominees, download the statement document: Business Leader Statement on the Federal Reserve Nominees.
“Support for the Fed nominees stretches far beyond the small business leaders on this statement,” added Liz Fairchild, Executive Director of Business Forward. “Key voices who have spoken out in favor of these nominees include union presidents, former Fed governors, Fortune 500 executives, the National Economic Association, and White House officials from Republican and Democratic administrations,” she said.
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