Axios reported on Monday that an announcement will be made soon as the U.S. President Joe Biden can pick former Federal Reserve Governor Sarah Bloom Raskin as his choice for vice chair of supervision at the central bank.
Raskin, who served in the Treasury Department in the Obama administration, could bring a tougher regulatory profile to the country's most powerful bank oversight role, a position recently vacated by Randal Quarles, a Donald Trump appointee.
The first-term Democrat will have an opportunity to leave a lasting imprint on Wall Street oversight and U.S. monetary policy, because of the vacancies on the Fed's seven-member board that Biden will fill, as well as the Fed's seven-member board.
Biden is considering two Black economists -- Lisa Cook from Michigan University and Philip Jefferson from Davidson College in North Carolina -- for seats on the Fed board.
News of Biden considering Raskin to lead the central bank's regulation as part of a slate of three nominees to its Board of Governors was earlier reported by The Wall Street Journal.