President Biden nominated three new Federal Reserve officials on Friday as he seeks to remake the central bank at a critical economic moment, announcing a slate of candidates that would make for the most diverse Fed Board of Governors in the institution’s 108-year history.
The White House nominated Sarah Bloom Raskin to serve as the Fed’s vice chair for supervision, a job created to police the nation’s largest banks after the 2008 financial crisis. He also nominated Lisa Cook, an economist at Michigan State University who has researched racial disparities and labor markets, and Philip Jefferson, an economist and administrator at Davidson College, to governor positions. Both are Black.
Mr. Biden had previously nominated Jerome H. Powell for a second stint as Fed chair and Lael Brainard, now a governor, as vice chair of the central bank. If all of his picks are confirmed to their posts, the Fed’s seven-person board in