New York City Comptroller Brad Lander Expresses Support for the Nomination of President Biden’s Federal Reserve Nominees

(New York, NY) — New York City Comptroller Brad Lander was joined by 23 fellow financial officers across the country to express support for President Joseph R. Biden’s three nominations to the Federal Reserve System Board of Governors. In a letter to Senator Sherrod Brown, Chair of the United States Senate Committee on Banking, Housing and Urban Affairs, and Ranking Member Senator Patrick J. Toomey, the 24 state and city treasurers, comptrollers, and financial officers called for speedy approval of all three nominees ahead of the February 3 nomination hearing.

“At a time of great economic uncertainty and inequality, having the right leadership at the Federal Reserve is crucial,” said Comptroller Brad Lander. “Together, President Biden’s nominees possess deep expertise in assessing systemic risks posed to the economy by the challenges of our day: an ongoing pandemic, accelerating climate crises, and gaping disparities between corporate profits and the pocketbooks of working families. We urge the Committee to move swiftly to approve the nomination of these exceptional candidates.”

The letter highlighted the expertise and experience of all three nominees and the diversity they would bring to the Federal Reserve. The approval of Sarah Bloom Raskin as Vice Chair of Supervision of the Board of Governors, and Drs. Lisa Cook and Philip Jefferson to serve as governors on the Board, would make the Board the most diverse in history. Despite the fierce pushback these nominees have received, their confirmation would provide the Federal Reserve with needed perspective as the Board focuses on implementing policies that will ensure a stable and equitable pandemic recovery, and, in turn, a healthier economy overall.

Comptroller Lander and fellow financial officers highlighted Sarah Bloom Raskin’s tenure with the United States Treasury and as a Federal Reserve Governor, noting that she was, “deeply involved in developing the response to the 2008 financial crisis and safeguarding the country’s financial infrastructure.” All three nominees have direct experience working with the Federal Reserve.

In support of the approval of Dr. Lisa Cook, they noted her wealth of experience in public service, including appointments at the National Bureau of Economic Research and four Federal Reserve Regional Banks. At a time when the nation’s strong economic rebound is a concern, they noted that Dr. Cook will provide much-needed input to achieve maximum employment and price stability.

The letter also highlighted that Dr. Philip Jefferson will bring strong policy and research experience, sound judgement, and unique perspectives to the Board on issues such as inequality and poverty. Dr. Jefferson’s also has experience as an economist with the Federal Reserve.

The full text of the letter to Chair Senator Sherrod Brown and Ranking Member Senator Patrick J. Toomey, organized by Comptroller Lander alongside public official associations For the Long Term and Local Progress, can be read here.

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