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Recap Of Likely Biden Picks For Key Roles

FED
Further support for the leading contenders for 2 of the 3 Board positions to be open by end-Jan.
  • VC Supervision: Sarah Bloom Raskin is Biden’s choice according to Axios late yesterday, pushing her higher from mid-70s to 92c on PredictIt. It could be announced as early as this week.
  • Whilst backed by Sen. Warren and in favour of tighter regulation and a greater focus on climate risk, she is seen as having a greater chance of Senate approval than Richard Cordray.
  • Board position: Philip Jefferson will likely be nominated according to people familiar with the matter via Bloomberg, adding to WSJ saying he was in contention along with Lisa Cook last week.
  • Jefferson is the faculty dean and an economics professor at Davidson College, North Carolina, with a focus on inequality. He had stints at the Fed in the 80s and 90s and would be the fourth Black man to sit on the BoG in its history.
  • Not Biden picks but still important: the Boston (2022 voter) and Dallas (2023 voter) Fed presidencies remain vacant, with Dallas holding a town hall on Jan 13 on its search.
  • Separately, Powell’s Chair renomination and Brainard’s VC appointment hearings are also planned for next week.
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