Though set up as an institution operating above the partisan fray in Washington, the Federal Reserve has again become a political football, with Republicans and business groups attacking Joe Biden's nominees to serve on the central bank's board.
Biden last month announced a slate of candidates who would at long last fill all the seats of the seven-member board, and include the first Black woman to hold the position since the Fed was founded 108 years ago.
But economists and Fed watchers say the criticisms are unfounded and in some cases racially motivated. For the powerful post of Fed vice chair for supervision, which oversees the nation's banks, Biden tapped Sarah Bloom Raskin. But Senator Pat Toomey, the ranking Republican on the Senate Banking Committee, complained about a lack of "diversity" among nominees to the board, which does not have anyone from the energy industry.His complaints, echoed by the US Chamber of Commerce, center on Raskin, charging she would be overly aggressive in focusing on banks' roles in fighting climate change.
Cook and Jefferson have researched inequality in the labor market, a topic Powell has repeatedly highlighted as important, since the Fed works to ensure the benefits of economic expansions reach all parts of society.Biden's nominees "bring enormous depth to the Fed at a time when" the central bank is "finally acknowledging inequality and what it costs us," she told AFP.
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