Senate panel sets confirmation hearing for trio of Fed Board nominees

President Joe Biden’s three selections to join the Federal Reserve Board – which include the nominee who has also been named the candidate for the top supervisory role at the agency – will appear before a Senate committee this week to consider their nominations, the panel said late last week.

The Senate Banking Committee said the hearing to consider the nominations for Sarah Bloom Raskin, vice chairman for supervision and member designate, Lisa DeNell Cook, member designate, and Philip Nathan Jefferson, member designate, will be Thursday starting at 10 a.m.

The hearing will be livestreamed via the Internet.

In addition to being nominated for a position on the Fed Board, Raskin has also been nominated as the board’s vice chair for supervision, the highest-ranking supervisory position at the agency. If confirmed, she would be only the second person to hold that position, which was created in 2010 under legislation aiming to deal with the effect of the 2007-08 financial crisis. The first to hold the job was Randal Quarles, who joined the board in 2017 but resigned late last month.

Raskin has served previously on the Fed Board and has served at the Treasury Department. She is also a former state regulator.

The confirmation hearing for the nominees is occurring relatively soon; the trio was nominated for the positions just about two weeks ago. If confirmed, the three would give the Fed Board its full complement of seven members.

Nomination hearing: Federal Reserve Board nominees