WHAT THEY ARE SAYING: Banks, Government Leaders, and Advocacy Groups Urge Senate to Quickly Confirm Biden's Fed Nominees

A diverse coalition of bankers, current and former elected officials, NGOs, small business groups, and more are urging the Senate to quickly confirm President Biden's Federal Reserve nominees. These leaders praised Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson for the depth of their extensive experience, their diverse backgrounds, and their commitment to the dual mandate of the Federal Reserve.

See below for what they are saying:

Current and Former Elected Officials

Comptrollers and Treasurers: "We are writing today to express our support for the nomination of Sarah Bloom Raskin to serve as Vice Chair of Supervision of the Board of Governors of the Federal Reserve System as well as the nominations of Dr. Lisa Cook and Dr. Philip Jefferson to serve on the Board of Governors of the Federal Reserve System. We encourage the United States Senate to expeditiously confirm all three nominees. As stewards of our city and state's budgets, we acknowledge and appreciate the vital importance of strong leadership at the Federal Reserve… We endorse President Biden's nominees not only for their unparalleled expertise and impressive experience, but also for the diversity they would bring to the Federal Reserve. At this unique moment in the history of our country, it is critical that those directing the country's financial infrastructure represent and reflect the diversity of the American experience. Improved diversity at the Federal Reserve will ensure stronger and more equitable policies that will in turn, improve the overall health of our economy." [Statement, 2/1/22]

Congressional Black Caucus: "I write in strong support of Dr. Lisa D. Cook, to be a Member of the Board of Governors of the Federal Reserve System, Sarah Bloom Raskin to be Vice Chairman for Supervision and a Member of the Board of Governors of the Federal Reserve System, and Dr. Philip N. Jefferson to be a Member of the Board of Governors of the Federal Reserve System and urge the Senate Committee on Banking, Housing, and Urban Affairs to move swiftly to confirm these nominees. Dr. Cook, Ms. Bloom Raskin, and Dr. Jefferson are all superbly qualified to serve as Governors on the Board of Governors of the Federal Reserve System (Board)." [Statement, 2/2/22]

Former U.S. Senator Sam Nunn (D-GA): "I am writing in support of Dr. Lisa Cook's nomination to serve on the Federal Reserve Board of Governors… I am honored to strongly recommend Dr. Cook to the Senate Banking Committee, and to recommend that she be confirmed by the full Senate for the Federal Reserve System Board of Governors. With the significant challenges and opportunities facing our nation, we would be fortunate to have someone with Dr. Cook's breadth and depth of experience and leadership skills serving on the Federal Reserve System Board of Governors." [Statement, 1/31/22]

Arizona State Representative Andres Cano: "We need capable and experienced leadership at the Federal Reserve-- that's why @POTUS nominated Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to lead the way. It's time we get these qualified public servants confirmed by the U.S. Senate." [Tweet, 2/2/22]

South Dakota State Senator Reynold Nesiba: "President Biden has nominated five highly qualified and experienced professionals to the Federal Reserve Board. They should be expeditiously confirmed by the US Senate." [Tweet, 2/2/22]

Connecticut Treasurer Shawn Wooden: "I applaud @potus' nomination of Dr. Cook to serve on the Board of Governors of the Federal Reserve System. As one of the country's most experienced and accomplished macroeconomists, if confirmed Dr. Cook would become the first Black woman to serve." [Tweet, 2/2/22]

Maine Treasurer Henry Beck: "Kudos to @drlisadcook on her historic nomination to the @federalreserve. Building an economy that works for ALL depends on experienced diverse voices. She should have a swift confirmation." [Tweet, 2/2/22]

Business and Industry Leaders

Paul Romer, Nobel Prize Laureate in Economics: "(Dr. Cook) will insist doggedly that important decisions be based on facts rather than theories. In so doing, she will support the fundamental commitment of science – that a fact beats a theory every time." [Article, 2/2/22]

Banking Leaders: "The undersigned bankers, representing banks with diverse asset sizes and geographies, hereby submit this letter in support of the nomination of Sarah Bloom Raskin to serve as the next Vice Chair for Supervision of the Board of Governors of the Federal Reserve System. Former Deputy Treasury Secretary Raskin has a demonstrated track record of approaching regulation through pragmatic solutions and collaboration. She is uniquely suited to fill the current vacancy and we are confident that she will serve with a thoughtful approach to addressing the current challenges faced by financial institutions in the United States. We offer our support without reservation and are available to answer any questions that you may have." [Statement, 2/1/22]

Priscilla Sims Brown, President and CEO, Amalgamated Bank: "As you continue to discuss President Joe Biden's nominees to the Federal Reserve—Sara Bloom Raskin as vice chair for supervision and economists Lisa Cook and Philip Jefferson as governors—Amalgamated Bank offers you our strong support for their swift confirmation. As demonstrated by their impressive careers, these three qualified candidates embody the values of Amalgamated Bank and our customers: economic and racial justice, combating poverty to ensure the dignity of work for all Americans, and confronting climate risk in our financial system. We are proud to include our organization among those supporting them, and we urge the Senate to move quickly to confirm them." [Statement, 2/2/22]

John Ryan, CEO, Conference of State Bank Supervisors: "The Conference of State Bank Supervisors (CSBS) is pleased to support Sarah Bloom Raskin's nomination to be Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System… If confirmed, Ms. Raskin will bring the valuable perspective of a former state supervisor to the role of Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System. Ms. Raskin understands first-hand how decisions made in Congress and within the Beltway have significant implications for the financial industry, local communities, and consumers." [Statement, 2/1/22]

National Bankers Association: "Dr. Cook, known for her authority on banking systems and economic growth, and Dr. Jefferson, who has previously served at the Federal Reserve, are two outstanding and experienced economists. If confirmed, the NBA looks forward to working with the entire Board on efforts to enhance the agency's work to preserve and promote minority depository institutions (MDIs). We offer our enthusiastic support of Dr. Cook and Dr. Jefferson's nominations and urge the Senate to move swiftly to confirm these nominations." [Statement, 2/2/22]

National Economic Association: "The National Economic Association (NEA) wishes to express its support for the historic nominations of Lisa Cook and Philip Jefferson to serve on the Federal Reserve Board. Drs. Cook and Jefferson are both past presidents of the National Economic Association. The Nomination of Lisa Cook is particularly significant as the first Black woman to be appointed to the Federal Reserve Board in its 108-year history." [Statement, 2/2/22]

Labor and Advocacy Leaders and Organizations

Equitable Economic Growth Organization Leaders: "We write to express our strong support for Dr. Lisa Cook and Dr. Philip Jefferson to serve on the Board of Governors of the Federal Reserve System, and we urge the Senate to confirm them. These economists bring essential experiences and expertise necessary to grow an economy that works for all Americans. Senate confirmation of Dr. Cook and Dr. Jefferson would complement the Federal Reserve's leadership with the necessary perspective of esteemed economists who have the lived and professional experiences to ensure underrepresented communities are not left behind so our nation can enjoy an equitable recovery that strengthens and benefits the entire economy." [Statement, 2/2/22]

Ed Gresser, Vice President and Director of Trade and Global Markets, Progressive Policy Institute: "The current chair and nominee for vice chair, Jerome Powell and Lael Brainard, are exceptional public servants who have helped to steer the Fed through the turbulence of the Trump years and the COVID crisis, and fully merit confirmation. New nominees Lisa Cook, Sarah Bloom Raskin, and Phillip Jefferson are outstanding economists who will bring a diversity of strengths and experience to the Fed, with its dual mandate of price stability and full employment, and will help ensure that the Board of Governors takes its next steps with consideration for both macroeconomic consequences and impacts on Americans at all income levels and in all walks of life. This is a very strong group of nominees which will serve the country well during a very complex time, and deserves support." [Release, 2/1/22]

Jasmine Stoughton, Program Lead, Mosaic Economic Project: "President Biden's nomination of the Hon. Sarah Bloom Raskin, Dr. Lisa Cook, and Dr. Philip Jefferson to the Board of Governors of the Federal Reserve System is a key step toward ensuring stable economic growth that will be felt by every American, and it is a demonstration of Biden's commitment to uplift leaders that reflect the diversity of our country. Raskin, Cook, and Jefferson are well-respected and highly qualified to serve on the Board. Combined, they have decades of experience in academia and government and have each shown extraordinary judgement and skill throughout their careers. Diversity in leadership is among the most important elements of successful governance. If the Senate confirms Biden's nominations, the complete Board will be majority women for the first time in its 108-year history. Incredibly, Cook will be the first Black woman to serve on the Board, and Jefferson will be the fifth Black governor — representation that is long overdue." [Statement, 2/1/22]

Small Business Roundtable: "On behalf of the Small Business Roundtable (SBR), we write to urge an expeditious confirmation of nominees Lisa Cook and Phillip Jefferson to the Federal Reserve. The Small Business Roundtable is a coalition of leading small business and entrepreneurship organizations, dedicated to advancing policy, securing access, and promoting inclusion to benefit the businesses at the heart of the American economy." [Statement, 2/1/22]

National Fair Housing Alliance: "We, the undersigned civil and human rights, housing, consumer, labor and faith organizations, and individuals, write to express our strong support for the nomination of Dr. Lisa D. Cook to a seat on the Board of Governors of the Federal Reserve ("Board"). Dr. Cook is eminently qualified. She is the experienced leader we need to help ensure the economy continues to expand and that the Board's decisions produce an equitable recovery so that more American families— including those living in rural communities, small towns, and underserved areas—have access to economic opportunity... We urge your committee to act quickly to advance this historic nomination, and we urge the Senate to promptly confirm Dr. Lisa Cook." [Statement, 2/1/22]

The Executive Leadership Council: "As the preeminent global membership organization for Black current and former CEOs, senior executives and board members of Fortune 1000 and equivalent companies, The Executive Leadership Council (ELC) would like to express our support for the historic nominations of Drs. Lisa Cook and Philip Jefferson to serve on the Federal Reserve Board. The ELC advocates for advancing Black leadership by increasing the number of Black corporate CEOs, C-Suite executives, and board members, and building the pipeline of the next generation of Black corporate leaders... The Executive Leadership Council applauds President Biden's nomination, and we urge the Senate to move swiftly to confirm these nominations." [Statement, 2/2/22]

Public Citizen (coalition of over 90 non-governmental organizations): "We write in strong support of the nominations of Lisa Cook, Sarah Bloom Raskin, and Philip Jefferson to the Federal Reserve Board of Governors. These nominees are committed to maintaining stability in our economy in the midst of the pandemic, encouraging economic growth that benefits all working people, and fighting the impacts of inflation, all while preserving the independence of the Fed. We believe that these nominees' depth of scholarship combined with bipartisan experience and diverse coalition of supporters indicate that they would be powerful additions to the Federal Reserve Board of Governors. Please move to swiftly confirm this historic slate of nominees." [Statement, 2/2/22]

Third Way: "Third Way also supports the nomination of Dr. Lisa Cook, Sarah Bloom Raskin, and Dr. Phillip Jefferson to the Board of Governors of the Federal Reserve. These nominees exemplify the deep expertise and breadth needed at the Federal Reserve in their conduct of monetary policy and financial system stability. President Biden's steady economic leadership has added millions of jobs to the US economy, brought unemployment down, and opened the economy while keeping the country safe from the pandemic. This experienced team will ensure the Fed's independence and offer a steady hand on the rudder. We urge your swift consideration and support." [Statement, 2/2/22]

Ray Curry, President, United Auto Workers: "President Biden[']s appointment of Professor Lisa Cook and Philip Jefferson to the Federal Reserve's Board of Governors is a breath of fresh air as they bring much needed diversity and with that a deeper appreciation as to how the Fed influences the daily lives of all UAW members, retirees and working Americans throughout the country... In addition, with the appointment of Sarah Bloom Raskin to the top job overseeing the nation's banks, President Biden has acted to ensure average Americans will have a seat at the table when important economic decisions are made, I strongly urge the Senate move swiftly to confirm all three candidates so they can bring the voice of America's working families to the powerful Federal Reserve." [Statement, 2/2/22]

Liz Shuler, President, AFL-CIO: "We commend President Biden's Federal Reserve appointments and urge their speedy confirmation by the U.S. Senate...More than any other government agency, the Federal Reserve's Board of Governors determines the economic policies that shape the lives of working people. Wall Street and the banking system have always been well represented on the board, and worker representation at the Fed remains critically important." [Statement, 1/14/22]

Business Forward: "As the U.S. rebounds from the pandemic, we urge the Senate to swiftly confirm President Biden's nominees to the Federal Reserve to ensure successful management of the economy during this critical period. The five Fed nominees represent a highly qualified, diverse, and respected slate. The nominees understand that the central bank's primary focus is to keep inflation low and maximize employment opportunities in our labor market. They also recognize the potential tradeoffs that can occur when the Fed makes changes to monetary policy." [Statement, 1/31/22]