Statement from AFL-CIO President Liz Shuler on President Biden’s Federal Reserve Board of Governors appointments:
We commend President Biden’s Federal Reserve appointments and urge their speedy confirmation by the U.S. Senate. Sarah Bloom Raskin, a former member of the Board of Governors, is an experienced financial regulator with a strong track record of putting the public interest first when dealing with the power of the financial system. She is eminently suited to the critical role of vice chair of supervision. Professors Lisa Cook, who has advised multiple administrations, and Philip Jefferson are accomplished economists with a deep understanding of the Federal Reserve’s statutory dual mandate to promote full employment and maintain price stability. Additionally, we recognize the importance of President Biden nominating two Black economists to the board. Though Cook is best known for her background in international economics, she also is recognized widely for her work on racial inequality. Jefferson has a strong Federal Reserve background and has done pioneering work on how monetary policy can have disparate impacts on low-wage workers.
More than any other government agency, the Federal Reserve’s Board of Governors determines the economic policies that shape the lives of working people. Wall Street and the banking system have always been well represented on the board, and worker representation at the Fed remains critically important.
Contact: Liz Vlock 202-637-5018