(Feb. 4, 2022) Less than two weeks from now, the nominations of those testifying this week – along with two other Fed nominees – will be considered in vote by Senate Banking Committee, the panel announced this week.
The committee said it would hold a vote Feb. 15 on the nominations of Raskin, Cook and Jefferson, as well as on the nominations of Jerome H. (“Jay”) Powell and Lael Brainard, for chair and vice chair of the Fed Board, respectively. If confirmed, Powell and Brainard would serve in those positions until February 2026. Their terms on the board run to 2028 and 2026, respectively. The other three, if confirmed, would serve terms that end in 2032 for Raskin, 2024 for Cook, and 2036 for Jefferson. Raskin’s term as supervision vice chair, if confirmed, would end in 2026.
There will be six votes when the panel meets at mid-month – which includes two, separate votes for Raskin as a board member and vice chair.
(Jan. 21, 2022) The names of three candidates to fill three open seats on the Federal Reserve Board are now in the hands of the U.S. Senate – including the name of a former state regulator.
Late last week, President Joe Biden (D) nominated Sarah Bloom Raskin, Lisa DeNell Cook and Phillip N. Jefferson to fill open seats on the central bank’s board.
Raskin – a former Maryland commissioner of financial regulation – was also nominated to be Fed vice chair for supervision, a position open since last fall when the term of Randal Quarles in that job expired. Quarles resigned from the board last month, even though his term as a board member ran to January, 2032. According to the White House, Raskin currently is the Colin W. Brown Distinguished Professor of the Practice of Law at the Duke University School of Law in Durham, N.C.
If confirmed, Raskin would serve a four-year term as supervision vice chair, and the rest of the Quarles term, ending in 10 years.
Raskin previously served on the Fed Board (from October 2010 to March 2014), and is a former deputy Treasury secretary.
Cook is a professor of economics and international relations at Michigan State University in Lansing. She has also served at the White House Council of Economic Advisers under President Barack Obama (D). Jefferson, a former Fed economist, is vice president for academic affairs and dean of faculty, and the Paul B. Freeland professor of economics, at Davidson College in Davidson, N.C.
If confirmed, Cook would serve a term that ends in 2024; Jefferson would serve a 14-year term ending in 2036. If all three are confirmed, the seven seats on the Fed Board would be filled.
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Nominations Sent to The Senate on Thursday, January 13, 2022
(Jan. 7, 2022) Sarah Bloom Raskin, a former Maryland financial institution regulator who also served as a deputy Treasury secretary and member of the Federal Reserve Board, is under consideration for another stint at the central bank: as Federal Reserve Board vice chair for supervision. Washington news outlets this week were reporting that Raskin is under consideration for the post by President Biden. If confirmed, Raskin would be only the second occupant in post, succeed Randal Quarles (the first), who resigned late last year after his term in that role ended … Reports this week indicated that the Nebraska Department of Banking and Finance rejected the purchase of a Nebraska bank by an Iowa credit union. The agency said that GreenState Credit Union of North Liberty, Iowa, could not purchase the assets of Premier Bank, based on Omaha. According to the agency’s ruling, the bank did not carry its burden of proof to show “that there is express power under federal law for a national bank to sell substantially all of its assets,” at least in this case. Premier Bank is reportedly appealing the decision … The three big credit bureaus “failed to fully respond to consumers with errors,” a report released this week by the CFPB charged. The bureau said its report, which represented a new analysis, showed that in 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019. The report looks at errors in credit reports as recounted by consumers to the credit reporting agencies. According to CFPB, consumers submitted more than 700,000 complaints to the bureau regarding Equifax, Experian and TransUnion from January 2020 through September 2021. Those complaints, the bureau said, represented more than 50% of all complaints received by the agency for that period.
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