“I am proud that BEA’s advocacy and proactive engagement with the Biden Administration helped produce this historic outcome,” said Dr. Jefferson be confirmed, alongside President Biden’s nominee to be Vice Chair for Supervision, Sarah Bloom Raskin, the Fed Board will for the first time have more than one Black governor and will be majority women. Lisa Cook would be the first Black woman to serve on the Federal Reserve Board. Since the Federal Reserve was created by Congress in 1913, only three Black people have been selected to the nearly 100 appointments to the Federal Reserve Board of Governors. We urge the Senate to swiftly confirm Dr. “It’s about time that we place more professionals with the lived and professional experience of Black Americans in leadership at the Federal Reserve to steer policy, practices, and regulation that will help create a more inclusive economy and proactively close the racial wealth gap. “These historic appointments represent material progress toward building a more inclusive and resilient financial system that will advance Black economic mobility,” said David Clunie, Executive Director of the Black Economic Alliance. BEA commends President Biden for heeding this call to action and working to right a longtime wrong. Last fall, the Black Economic Alliance and the Joint Center for Political and Economic Studies organized a coordinated campaign among several Black-led organizations launched by a joint letter emphasizing the immediate need to appoint several well-qualified Black candidates to the Federal Reserve leadership to counteract the longstanding absence of Black representation at the Federal Reserve. Philip Jefferson to the Federal Reserve Board of Governors. WASHINGTON, D.C. – (January 14, 2022) The Black Economic Alliance (BEA), a nonpartisan group of Black business leaders, applauds President Joe Biden for nominating Dr. Stephanie nomination follows the Black Economic Alliance’s call to appoint multiple Black candidates to Federal Reserve leadership
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