The White House is reportedly considering an Obama-era economic adviser and former Fed economist to fill empty seats on the Federal Reserve System's board of governors in 2022.
According to a report Wednesday by the Washington Post citing people familiar with the matter, United States President Joe Biden is still considering Duke University law professor Sarah Bloom Raskin will fill one of the vacancies in 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 previously served as a member of the White House Council of Economic Advisers under President Barack Obama, while Jefferson was a research economist for the Federal Reserve Board.
The report arrives as the White House officially Announced on Tuesday he had sent Jerome Powell and Lael Brainard Senate nominations to await confirmation before serving as the next Fed Chairman and Vice Chairman, respectively. Powell has served as chairman since 2018, while Brainard has served on the board since 2014. Senate confirmation would allow Powell and Brainard to serve as two of the Fed's top leaders until 2026, while Raskin, Cook and Jefferson They would probably serve 14-year terms, should their names come up.
Vacancies at the Federal Reserve open to Biden's election are the result of board member Randal Quarles resigning his position effective as of the end of December 2021, while current Vice President Richard Clarida is expected to retire in January 2022. A significant change in the composition of one of the main financial regulators in the United States could have an impact on the appearance of the government in cryptocurrencies. Although Biden has not officially announced his choices to fill the empty seats, he saying in November he planned to nominate replacements with a focus on "improving diversity in the composition of the Board."
Leadership in other government agencies responsible for regulating digital assets 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, I was hoping to leave the agency at the end of January and Allison Lee's term will expire in June.
Only two commissioners out of the regular five are currently serving on the CFTC. In the same White House announcement yesterday, Biden submitted the names of Kristin Johnson and Christy Goldsmith Romero to the Senate to fill two of the CFTC commissioner positions. However, with the expected departure of Commissioner Dawn Stump in February, the US President will likely have more opportunities to elect financial experts who could have an impact on cryptocurrency-related policy.
Post navigation
Previous Post
UK advertiser ASA continues crypto ad banning spree
