Biden to pick more Fed policymakers this month, White House says

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FILE PHOTO: U.S. President Biden announces nomination of Federal Reserve Chair Powell for second four-year term at the White House in Washington

WASHINGTON – President Joe Biden plans to put forward more nominees for open positions on the U.S. Federal Reserve Board by the end of the month, the White House said on Tuesday.

“We hope to have those soon, and we continue to hope to have those out to you this month,” White House Press Secretary Jen Psaki said.

Biden last month renominated Fed Chair Jerome Powell to lead the central bank for another four years, and picked Governor Lael Brainard to take on the bigger role of Fed vice chair when Richard Clarida’s term expires next year.

That leaves three other vacancies at the Fed’s seven-member Board of Governors, including the vice chair for supervision role recently vacated by Randal Quarles, who leaves the Fed at the end of the year.

Richard Cordray, who was the first director of the Consumer Financial Protection Bureau, is one name under consideration for that post, a source told Reuters last week.

Many analysts expect Biden to tap progressives and individuals of diverse backgrounds. The current Fed Board is all white.

(Reporting by Andrea Shalal; Writing by Merdie Nzanga; Editing by Tim Ahmann and Will Dunham)


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