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Biden considers Sarah Bloom Raskin for post of top banking regulator

Biden considers Sarah Bloom Raskin for post of top banking regulator

Joe Biden is reportedly considering Sarah Bloom Raskin for the position of the Federal Reserve’s vice chairwoman of supervision, which is the central bank’s top banking regulator post.

Earlier, Raskin served as a Federal Reserve Governor and a Deputy Secretary of the Treasury under the Obama administration.

Biden also eyes economists Lisa Cook and Philip Jefferson to take two other Fed board seats. 

Raskin would replace Randal Quarles, who was appointed by former president Trump in 2017. During his time as vice chair of supervision, Quarles attracted the ire of the Democratic Party’s progressive wing for allegedly being too lax on Wall Street. Sarah Bloom Raskin is expected to tighten regulations of the banking sector. 

The White House is discussing the possible Fed appointments behind closed doors. Raskin, Cook, and Jefferson did not provide comments.

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