The White House is reported to have begun interviewing potential candidates for vacancies on the Federal Reserve Board of Governors in 2022.

US President Joe Biden is considering qualified candidates, including President of the Federal Reserve Bank of Atlanta Rafael Bostic, former Director of the Consumer Financial Protection Bureau Richard Cordray, and Duke Sarah University law professor, according to a Bloomberg report on Wednesday, citing people familiar with the matter. Bloom Ruskin. … The number of posts on the Federal Reserve Board expires in early 2022. Other positions under consideration include President Barack Obama’s former Treasury Secretary Karen Dinan, as well as Valerie Wilson, Program Director for Race, Ethnicity and Economics at the Institute of Economics.

The US president has already announced that he plans to appoint Jerome Powell for another four-year term as chairman of the Federal Reserve from February, and Governor Lyle Brainard has been elected vice president following the resignation of Richard Clarida. Powell and Brainard served on the Federal Reserve Board in 2012 and 2014, respectively. In November, Biden announced that he planned to appoint a replacement with a focus on “improving the diversity of the board.”

There is currently one vacancy in a group of seven governors serving at the Federal Reserve, but Randall Quarles retired in late December and Clarida is expected to retire in January 2022. If Biden, Postich, Cordrey and Ruskin appoint him he must be confirmed by the Senate, and from there he will probably serve 14 years.

RELATED: Cryptocurrency usage is not a “systematic issue” for the Fed, local executives say.

A major change in the composition of one of the leading US financial regulators could affect how the authorities view cryptocurrencies. During his tenure at the Fed, Powell weighed in on the possibility of introducing the digital dollar, while Quarles said federal agencies should think about the right approach to regulation before laying the groundwork for monitoring the crypto market.

Source: CoinTelegraph