Biden nominates 3 for Fed board, including first Black woman

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — President Joe Biden nominated three people for the Federal Reserve’s Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the board. Biden also nominated Philip Jefferson, an economist, dean of faculty at Davidson College in North Carolina and a former Fed researcher. The three nominees, who will have to be confirmed by the Senate, would fill out the seven-member board. They would join the Fed at a particularly challenging time in which it will undertake the delicate task of raising its benchmark interest rate to try to curb high inflation, without undercutting the economic recovery.