President Biden announces appointments to key positions at the Federal Reserve

President Biden announces appointments to key positions at the Federal Reserve

US President Joe Biden announced the appointment of two people to key positions at the Federal Reserve, including the new Fed governor and economist Philip Jefferson as vice president.

On May 12, in a call from the White House, President Biden I have declared who would suggest it Jefferson Currently Governor of the Federal Reserve – A Next Vice President of the Central Bankinstead of Lyle Brainard, who resigned in February. And the president added that Adriana Cooglerformer chief economist at the US Department of Labor, His choice was one of the vacant seats on the Federal Reserve Board of Governors. In addition to, He will reappoint Fed Governor Lisa Cook for a full term.

“These candidates understand that this is not a partisan job, but one that plays an important role in seeking to maximize employment, maintain price stability, and oversee the many financial institutions in our country.”President Biden said.

Nominations will go to Congress, A Senate vote will be required before the candidates take office on the Federal Reserve Board. Although the Democrats have a slim majority in the Senate, partisanship persists be a decisive factor In implementing Biden’s choices. In a statement released May 12, the chairman of the House Financial Services Committee Patrick McHenry – Republican – describe the candidates as “Cruising Economists” He mentioned it Legislators will take this into account when assessing their positions.

If confirmed by the Senate, Jefferson will be Vice Chairman of the Federal Reserve, As part of his current term as governor, Until 2036while Kugler would have it A 14-year term that most likely ends in 2037. Cook period must be current Expires in 2024 if not confirmed by Congress.

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Assuming my position as Governor of the Federal Reserve, I am deeply grateful to my family, friends, colleagues, mentors, alumni, and friends. #EconTwitter And to many others for their love, encouragement, support and prayers. (1/2)

– Dr. Lisa de Cock (@drlisadcook) May 31, 2022

The leadership of the Federal Reserve is likely to influence the way the US government decides to deal with cryptocurrency and blockchain, especially with regard to potential Issuing a central bank digital currency (CBDC). While proponents of federally issued central bank currencies have suggested that it could help cement the US dollar’s status as the world’s reserve currency, Some have attacked the digital dollar over privacy concerns.

In Florida, Gov Ron DeSantis Signed a ban on central bank digital currenciesarguing that technology serves a “Surveying Americans and Controlling Their Behavior”. May 3 North Carolina House of Representatives passed a similar law Payments with currencies of central banks are prohibited HeyThe Federal Reserve is prohibited from including the country in any digital dollar pilot programs.

Translated, edited by Matteo Caroni

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