Biden looks to reshape Fed with historically diverse slate

Biden looks to reshape Fed with historically diverse slate

WASHINGTON- U.S. President Joe Biden has picked former Federal Reserve Governor Sarah Bloom Raskin for the Fed's key regulatory post and two Black economists - Lisa Cook and Philip Jefferson - to serve on its board in what would represent a landmark demographic overhaul of the world's most powerful central bank. The White House sent the nominations to the Senate late on Thursday, according to two sources familiar with the process. The appointments would fill out the ranks of a seven-member panel that wields tremendous influence over the world's largest economy, and would make the Fed's top leadership the most diverse by race and gender in its 108-year history. The appointments come as Biden's own plans to reboot the economy after the COVID-19 pandemic have run into an unexpected spike in inflation. It presents an opportunity for him to leave a lasting imprint on a body that sets economic policies - particularly about interest rates - that reverberate across the globe. "President Biden has nominated a serious, qualified, nonpartisan group of five nominees for the Board of Governors of the Federal Reserve who together will bring an extraordinary amount of skill, experience, and competence to the Federal Reserve," said the