Značka: joe biden

President Biden taps economists for Fed governors’ seats, Sarah Bloom Raskin as vice chair for supervision

The White House has officially tapped former Fed governor Sarah Bloom Raskin to serve as the vice chair for supervision for the Federal Reserve, as well as economists Lisa Cook and Philip Jefferson to fill two empty seats on its board of governors.In a Friday announcement, U.S. President Joe Biden said he had nominated Cook, an Obama-era economic adviser and Michigan State University faculty member, as well as Jefferson, a former research economist for the Fed, to the board of governors in addition to Raskin. Jefferson and Cook will take two of the vacant seats in the group of seven governors, with Jerome Powell and Lael Brainard nominated to serve as chair and vice-chair, respectively.According to the president, the three nominees have the “experience, judgment and integrity to lead the Federal Reserve and to help build our economy back better for working families.” He cited Jefferson’s and Cook’s decades of experience working on economic issues while saying Raskin was “among the most qualified nominees ever” for vice-chair for supervision. The vice-chair for supervision, as opposed to the vice-chair of the Federal Reserve’s board of governors, is a relatively new role within the government agency. Randal Quarles was the first to hold the position for the full four-term year from 2017 to 2021, shortly before resigning as a Fed board member in December. According to the Dodd–Frank Wall Street Reform and Consumer Protection Act, passed in 2010, the vice-chair for supervision “shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board and shall oversee the supervision and regulation of such firms.”Many vacancies at the Federal Reserve, the result of terms expiring and board members resigning, have given President Biden the opportunity to shake up the agency’s leadership. This week, his picks for the Fed chair and vice-chair — Jerome Powell and Lael Brainard, respectively — testified before the Senate Banking Committee in advance of a vote before the full Senate. Should they receive more than 50 votes, Powell, Brainard and Raskin would serve as the Fed board’s leadership until 2026, with Cook and Jefferson serving 14-year terms.Related: US lawmaker hints at upcoming crypto legislation as Jerome Powell says Fed will release report on digital currency soonA significant change in leadership of some of the top financial regulators in the United States could have an impact on how the government looks at both crypto and blockchain. Both the Securities and Exchange Commission and the Commodity Futures Trading Commission will likely see a shakeup in 2022, with the expected departure of SEC commissioners Elad Roisman this month and Allison Lee in June. In addition, President Biden has not suggested he intends to re-nominate CFTC commissioner Dawn Stump prior to her term expiring in April.

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President Biden sends CFTC nominations to Senate

The White House has officially submitted President Joe Biden’s nominations to fill two seats at the Commodity Futures Trading Commission with the upcoming departure of another commissioner.In a Friday announcement, the White House said it had sent Citi managing director Caroline Pham’s and Summer Mersinger’s names to the Senate for confirmation. Mersinger previously served as chief of staff to commissioner Dawn Stump — who is expected to leave the agency this year — as well as the director of the Office of Legislative and Intergovernmental Affairs. She and Pham will be taking the places of recently departed Commissioner Dan Berkovitz, whose term expires in April 2023, and that of Stump, with a term ending in April 2027, respectively. The CFTC nominations came the same week the White House officially announced it had sent the nominations of Jerome Powell and Lael Brainard to the Senate to await confirmation before serving as the next chair and vice-chair of the Federal Reserve, respectively. Confirmation from the Senate would allow Powell and Brainard to act as two of the top leaders of the Fed until 2026. President Biden also submitted Christy Goldsmith Romero’s and Kristin Johnson’s names for the remainder of the empty CFTC seats on Tuesday.With the nominations for four CFTC commissioners — subject to confirmation from U.S. lawmakers — there will no longer be any vacancies at the agency in 2022 after a shakeup in leadership. Berkovitz announced in September that he was planning to leave the CFTC on Oct. 15 to join the Securities and Exchange Commission as general counsel, and the Senate confirmed the nomination of Rostin Behnam to chair the CFTC in December. At the moment, the Democratic party under the leadership of President Joe Biden controls 50 of the 100 seats in the Senate, with Vice President Kamala Harris able to act as a tiebreaker if needed. A simple majority vote is needed to confirm the president’s CFTC picks.While the White House has put forth four names for CFTC commissioners, it has yet to officially name candidates to fill upcoming vacancies at the Federal Reserve. Board member Randal Quarles resigned his position effective as of the end of December 2021, while current vice-chair Richard Clarida is expected to leave by February 2022. A Wednesday report from the Washington Post suggested the U.S. president is considering Duke University law professor Sarah Bloom Raskin to join the group of seven governors serving at the Fed, in addition to economists Lisa Cook and Philip Jefferson.Related: It’s now or never — The US has to prepare itself for digital currencyThere may also be an opportunity for Biden to shake up the leadership at another government agency responsible for digital asset regulation in the United States, the Securities and Exchange Commission. SEC commissioner Elad Roisman is expected to leave the agency by the end of January and commissioner Allison Lee’s term is set to expire in June. Some experts have noted that placing different financial experts across these three major U.S. government agencies could have an impact on crypto-related policy.

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President Biden is considering economists to fill Fed seats as leadership nominations move to Senate: Report

The White House is reportedly considering an Obama-era economic adviser and former Fed economist to fill the empty seats on the board of governors of the Federal Reserve System in 2022. According to a Wednesday report from the Washington Post citing people familiar with the matter, U.S. President Joe Biden is still considering Duke University law professor Sarah Bloom Raskin to join the group of seven governors serving at the Federal Reserve this year, in addition to economists Lisa Cook and Philip Jefferson. Cook teaches at Michigan State University and has previously worked as a member of the White House’s Council of Economic Advisers under President Barack Obama, while Jefferson was a research economist for the Federal Reserve Board.The report comes as the White House officially announced on Tuesday it had sent the nominations of Jerome Powell and Lael Brainard to the Senate to await confirmation before serving as the next Fed chair and vice-chair, respectively. Powell has served as the chair since 2018, while Brainard has been a board member since 2014. Confirmation from the Senate would allow Powell and Brainard to act as two of the top leaders of the Fed until 2026, while Raskin, Cook, and Jefferson would likely serve 14-year terms, should their names be put forward.Vacancies at the Federal Reserve open to Biden’s picks are the result of board member Randal Quarles resigning his position effective as of the end of December 2021, while current vice-chair Richard Clarida is expected to leave in January 2022. A significant change in the makeup of one of the top financial regulators in the United States could have an impact on how the government looks at cryptocurrencies. Though Biden has not officially announced his picks to fill the empty seats, he said in November he planned to nominate replacements with a focus on “improving the diversity in the Board’s composition.”Related: Fed Chair Jerome Powell says he isn’t concerned about crypto disrupting financial stability in the USLeadership at other government agencies responsible for digital asset regulation in the United States, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, will likely see a shakeup in 2022. SEC commissioner Elad Roisman is expected to leave the agency by the end of January and Allison Lee’s term is set to expire in June. Only two commissioners out of the normal five are currently serving at the CFTC. In the same announcement from the White House yesterday, Biden sent Kristin Johnson’s and Christy Goldsmith Romero’s names to the Senate to fill two of the CFTC commissioner seats. However, with the expected departure of Commissioner Dawn Stump in February, the president will likely have more opportunities to pick financial experts who could have an impact on crypto-related policy.

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