Sarah Bloom Raskin has been chosen by the US President to replace Randal Quarles, who was appointed by Donald Trump, according to information from the Wall Street Journal.
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Joe Biden will appoint as vice-president of the American central bank (Fed) in charge of banking regulation, Sarah Bloom Raskin, former number two of the Treasury and who calls for greater concern for climate change, according to the Wall Street Journal.
Sarah Bloom Raskin was chosen by the American president, according to information from the Wall Street Journal which cites the White House, to replace Randal Quarles in this key position, who had been appointed by Donald Trump and resigned in December from his post as Governor of the Fed, after the expiration of his term as Vice President.
Contacted by AFP, the White House had not confirmed this information Thursday evening.
Ms. Raskin, a law professor at Duke University and wife of Democratic House Representative Jamie Raskin, is a former Fed governor. She was also appointed by former President Barack Obama in 2010, at the same time as Treasury Secretary and former Fed Chair Janet Yellen.
This choice is a signal sent to the left wing of the Democratic Party, which had criticized the current president, Jerome Powell, for not having acted enough on the climate front. Ms. Bloom Raskin’s nomination will have to be confirmed by the Senate.
Joe Biden has reappointed Jerome Powell for a second term as Fed head. He had offered the number two spot to the only Democratic governor of the institution, Lael Brainard, in favor of strict banking and financial regulations, and taking into account the financial risks linked to climate change.
In addition, the American president plans to appoint, for the last two positions of governor of the Fed to be filled, Lisa Cook, professor of economics and international relations at Michigan State University, and Philip Jefferson, professor and administrator of Davidson College in North Carolina, adds the Wall Street Journal.
The appointment of these two black economists should allow the White House to fulfill its commitment to bring more diversity to the Fed.
Both had taken a stand calling on the Fed to take a tougher stance in regulating big banks and a bolder approach to the financial risks posed by climate change.
Joe Biden had five positions to fill at the Fed, an opportunity to reshape the most powerful central bank in the world.
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