Washington, D.C. — Recently, President Joe Biden nominated several candidates to fill vacancies on the Federal Reserve Board. He nominated Sarah Bloom Raskin as vice chair for supervision and Lisa Cook and Philip Jefferson for the Federal Reserve Board of Governors.
Patrice Onwuka, senior policy analyst at Independent Women’s Voice, released the following statement:
“A Federal Reserve Board led by highly competent and impartial individuals is critical to ensuring that this body acts in the best interests of our national economy and financial system. It’s disappointing that President Biden would nominate several individuals who are poised to execute partisan agendas that would lead the Federal Reserve astray from its narrow, core mission.
“At a time of four-decade-high inflation and millions of sidelined workers, the Fed should be laser-focused on the conditions that create an economy which enjoys stable prices, full employment, steady financial markets, and sound banking systems.
“Instead, Biden has put forward nominees to advance his radical agenda, even if it could worsen inflation. Lisa Cook would push the Fed to pursue a divisive, unproven racial justice agenda that prioritizes equity — not equality — at a time when society aims to root out race-based discrimination. Sarah Raskin has advocated for discriminating against the fossil fuel industry to drive it into extinction in pursuit of a climate-change crusade. This would destroy jobs and drive energy prices higher, an especially harsh penalty for lower-income Americans. Jefferson said he welcomes high inflation, even though it undermines the Fed’s price stability mandate, because he wants to help certain demographic sub-groups.
“If Biden aims to politicize the Federal Reserve, he nominated the right people. Confirming these nominees will assuredly undermine the independence of the Fed.”
Independent Women’s Voice fights for women by expanding support for policy solutions that aren’t just well intended, but actually enhance freedom, opportunities, and well-being.