The White House is reportedly considering appointing an Obama-era economic adviser and former Federal Reserve economist to fill vacancies on the Federal Reserve Board in 2022.
US President Joe Biden is still considering joining Duke University law professor Sarah Blum Ruskin to a group of seven governors working for the Federal Reserve this year, as well as economists, according to the Washington Post Wednesday, citing people familiar with the matter. … Lisa Cook and Philip Jefferson. Cook teaches at Michigan State University and was previously a member of the White House Council of Economic Advisers under President Barack Obama, and Jefferson was a research economist at the Federal Reserve.
The report was released after the White House on Tuesday officially announced that it had sent Jerome Powell and Lyle Brainard’s nominations to the Senate prior to approval, before taking over the next Fed chairman and his nominee, respectively. Powell has served as chairman since 2018, and Brainard has served on the board since 2014. Senate approval will allow Powell and Brainard to serve as two Fed CEOs until 2026, while Ruskin, Cook and Jefferson are likely to serve 14 total terms. Their names should be advertised.
The Federal Reserve vacancies open for Biden’s election are the result of the resignation of board member Randall Quarles at the end of December 2021, while the current representative, Richard Clarida, is expected to step down in January 2022. regulators in the United States can influence how the government views cryptocurrency. While Biden did not formally announce his choice to fill the vacancy, he said in November that he plans to appoint a replacement with a focus on “improving board diversity.”
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The leadership of other government agencies responsible for regulating digital assets in the United States, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, is likely to change in 2022. SEC Commissioner Elad Rousman is expected to leave the agency by 2022. End of January Alison Lee’s term ends in June.
Only two of the five permanent members of the panel are currently employed by the CFTC. In the same White House statement yesterday, Biden sent the names of Kristen Johnson and Christy Goldsmith Romero to the Senate to take over as CFTC Commissioner. But with Commissioner Don Stump expected to step down in February, the president is likely to have more opportunities to select economic experts who can influence cryptocurrency-related policies.