"President Biden is expected to nominate Sarah Bloom Raskin, one of the United States’ most prominent climate finance hawks, to be the Federal Reserve’s top bank cop.
If confirmed as the central bank’s vice chair for supervision, the Obama-era Fed governor and former Treasury Department official would be elevated to a post responsible for overseeing the nation’s banks. The role was created in the aftermath of the 2007-08 financial crisis and is charged with ensuring the Fed keeps a closer eye on emerging threats to financial stability.
The Associated Press reported last night that the White House plans to announce the pick alongside two other nominees to the Fed board: Michigan State University’s Lisa Cook, who served as an Obama-era senior economist on the Council of Economic Advisers, and Philip Jefferson, an economist and former Fed researcher. The AP source was a person familiar with the decision who was not authorized to speak on the record."