Biden Considers Philip Jefferson, Lisa Cook for Fed Seat

President Joe Biden is likely to nominate economists Philip Jefferson and Lisa Cook on the Federal Reserve board of governors, a move that would help achieve Biden’s promise of improving diversity in the central bank.

The Wall Street Journal first reported that the White House is considering Jefferson, a professor and administrator at Davidson College in North Carolina, for a Fed seat, according to people familiar with the matter.

Reports from earlier this year also said that Cook, a professor of economics and international relations at Michigan State University, is being considered for a similar position.

The Fed’s board of governors has three open seats, with former deputy Treasury secretary Sarah Bloom Raskin reported to be Biden’s leading candidate for vice chair of supervision.

Jefferson and Cook’s potential nominations, both of whom are Black, would help the Fed address criticisms for the lack of diversity. Only three of the central bank’s governors were African-American, all of them men, since its founding in 1913.

The two candidates would replace resigned governor Randal Quarles and Vice Chairman Richard Clarida whose term ends on Jan. 31. The White House is expected to announce an official slate as early as this week.

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