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Financial Services Law Insights and Observations

Biden nominates three for Fed

Federal Issues Bank Regulatory Federal Reserve Biden FTC

Federal Issues

On January 14, President Biden nominated Sarah Bloom Raskin to serve as Vice Chair for Supervision for the Federal Reserve Board, and Lisa Cook and Philip Jefferson to serve as Board Governors. Earlier on January 4, Biden also submitted new nominations for Jerome Powell to serve a second term as Chair of the Federal Reserve Board and for Fed Governor Lael Brainard to serve as Vice Chair of the Board of Governors, replacing current Vice Chair Richard H. Clarida. (Covered by InfoBytes here.) If all the nominees are confirmed by the Senate, the Board will include the first Black woman and the fourth Black man and will be majority women. Previously, Raskin served as the Deputy Secretary of the U.S. Department of the Treasury where she pursued innovative solutions related to climate risk, cybersecurity, and consumer safeguards in the financial marketplace. Raskin also served as a Fed Governor where she helped conduct the nation’s monetary policy and promoted financial stability. Additionally, Raskin served as the Commissioner of Financial Regulation for the State of Maryland where she and her agency regulated Maryland’s financial institutions, including all state-chartered depository institutions, banks, credit unions, mortgage lenders, mortgage servicers, and trust companies, among others. 

Earlier on January 10, Clarida announced his intention to resign from the Federal Reserve Board effective January 14. Clarida has been a member of the Board since September 2018, and his statutory term was set to expire on January 31. Clarida’s announcement follows key regulatory nominations sent to the Senate by Biden on January 4 and 7 (see here and here). Among the recent nominations was a resubmission of Alvara Bedoya to serve as a Democratic commissioner at the FTC after the Senate Committee on Commerce, Science, and Transportation failed to report favorably on Bedoya’s 2021 nomination and it expired at the end of the December session of Congress. If confirmed, Bedoya would fill the FTC commissioner seat vacated by current CFPB Director Rohit Chopra. (Covered by InfoBytes here.)

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