Third Way Statement on the President’s Nominations for Federal Reserve Governors

WASHINGTON — Third Way Senior Resident Fellow Ellen Hughes-Cromwick issued the following statement:

“Third Way applauds President Biden for his nomination of Dr. Lisa Cook, Sarah Bloom Raskin, and Dr. Phillip Jefferson to the Board of Governors of the Federal Reserve. These nominees exemplify the deep expertise and breadth needed at the Federal Reserve in their conduct of monetary policy and financial system stability.

“Dr. Lisa Cook brings a wealth of knowledge and expertise to the Fed, with research in many areas important to the dual mandate of maximum employment and price stability. Her work on income inequality will inform the assessment of impacts associated with the implementation of monetary policy.

“Sarah Bloom Raskin has extremely relevant experience from her prior Fed governor tenure, as well as her work at the U.S. Department of Treasury. She is well positioned to lead the Fed’s effort on economic and financial risk assessment associated with climate change. We applaud this timely and important appointment.

“Dr. Jefferson’s research on poverty and income inequality, including his experience as a researcher at the Federal Reserve, is particularly pertinent at this juncture. With the unemployment rate at 3.9%, the Fed has an important opportunity ahead to solidify these gains in the labor market and ensure that job opportunities expand to all communities, not just those at the top. Bringing this research and policy perspective to the Board’s deliberations will be essential in the months and years ahead.”