1/14/2022 in News & Media, NFHA News, Press Releases

National Fair Housing Alliance Statement on President Biden’s Nominees for the Board of Governors of the Federal Reserve System

FOR IMMEDIATE RELEASE

January 14, 2022

Media Contact: Izzy Woodruff | 202-898-1661 | IWoodruff@nationalfairhousing.org 

National Fair Housing Alliance Statement on President Biden’s Nominees for the Board of Governors of the Federal Reserve System

Washington, D.C. — Lisa Rice, President and CEO of the National Fair Housing Alliance (NFHA), issued the following statement today in support of the nomination of Dr. Lisa D. Cook and Dr. Philip Jefferson to the Board of Governors of the Federal Reserve System, and Sarah Bloom Raskin, Esq., to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System: 

“We applaud President Biden’s nomination of Dr. Lisa D. Cook and Dr. Philip Jefferson to serve on the Board of Governors of the Federal Reserve System, and Sarah Bloom Raskin, Esq., to serve as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. Individually, they are stellar candidates who have extensive experience and have made important contributions to the field of economics, monetary policy, and regulatory oversight. These nominees are the type of experienced leaders we need to help ensure the economy continues to expand and that everyone can benefit from its growth. The Senate should move to quickly confirm all three nominees.

“As the economy continues to recover from the ongoing COVID-19 pandemic, the three candidates nominated today would bring valuable insight to the Board of Governors, along with decades of experience in financial regulation and economic analysis. Their professional backgrounds make them adept at addressing the most pressing issues facing the Federal Reserve, such as inflation, when to raise interest rates, oversight of the nation’s largest financial institutions, and achieving full employment. We are confident that Drs. Cook and Jefferson, and Sarah Bloom Raskin, Esq., will work to ensure our economy is able to grow and produce an equitable recovery so that more American families have access to economic opportunity. 

“The President has clearly taken the time to put forward an excellent slate of nominees who will bring a wealth of experience to the Federal Reserve Board of Governors. Dr. Cook’s nomination is especially historic, as she would become the first Black woman to serve on the Federal Reserve Board in its 108-year history. We join in applauding President Biden’s decision to nominate these three exemplary individuals, and his commitment to building a government that represents the rich and broad diversity of the nation. NFHA offers its enthusiastic support for Drs. Cook and Jefferson, and Sarah Bloom Raskin, Esq., and urges the Senate to move swiftly to confirm all three.” 

Dr. Lisa D. Cook Biography

Dr. Lisa D. Cook, one of the world’s leading macroeconomists, is an international authority on banking systems, economic growth, innovation, markets and global finance. Among her many accomplishments, Dr. Cook is a tenured professor at Michigan State University and serves on the Board of Directors of the Federal Home Loan Bank of Indianapolis, the Board of the Federal Reserve Bank of Chicago, and the Executive Committee of the American Economic Association (AEA). She stands out as a dedicated economist who is deeply committed to supporting young scholars. In 2019, she received the AEA’s Impactful Mentor Award for her devotion to mentoring graduate students. Dr. Cook’s extensive experience ranges from helping to integrate some of the nation’s most segregated schools to teaching at some of the nation’s most revered universities, advising foreign nations on economic policy, and serving on the White House Council of Economic Advisors. Her influence and varied roles within academia and finance would help close the gap between Main Street and Wall Street, ensuring the country’s financial system works in the most equitable fashion possible.

Sarah Bloom Raskin, Esq. Biography

Sarah Bloom Raskin, Esq., would bring years of expertise in legal and regulatory affairs to the Federal Reserve Board. As a former member of the Board of Governors, Raskin helped promote financial stability as our economy recovered from the Great Recession. While serving as Deputy Treasury Secretary under President Barack Obama, she championed cybersecurity in the financial sector, ensuring the financial sector nationally and internationally was well-positioned and resilient in the face of increasing threats. Raskin is a distinguished fellow at Duke University’s School of Law Global Financial Markets Center, and is a senior fellow in the Duke Center on Risk.

Dr. Philip Jefferson Biography

Dr. Philip Jefferson has spent much of his professional career as a research economist. As Vice President for Academic Affairs and Dean of Faculty at Davidson College, Dr. Jefferson has an extensive background as a scholar, economist, and trustee. He previously served as an economist for the Board of Governors. Dr. Jefferson has taught at Swarthmore College, where he holds an endowed professorship, Columbia University, and the University of Virginia. He serves on the Board of Directors at his alma mater, Vassar College. 

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The National Fair Housing Alliance (NFHA) is the country’s only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination and ensuring equal opportunities for all people. As the trade association for over 200 fair housing and justice-centered organizations throughout the U.S. and its territories,  NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.