How Joe Biden is going to reshuffle the cards at the Fed

Posted on Dec. 2021 at 17:47Updated 29 Dec. 2021 at 17:57

The Democrats lost the Supreme Court, they are determined to reshuffle the cards at the Fed. According to the “Wall Street Journal”, Joe Biden intends to appoint Sarah Bloom Raskin as vice-president of the Federal Reserve, in charge of the supervision of the banks. She would replace Randal Quarles, whose departure was announced several months ago.

Originally from Maryland, Sarah Bloom Raskin already held a post of governor at the Fed, between 2010 and 2014. She was appointed there by Barack Obama. During her tenure, she gave unwavering support to Ben Bernanke’s efforts to support the economy, which was hit hard by the 2008 financial crisis. She also played a major role in the development of the Dodd-Frank law, which aimed to better regulate derivative products, to better protect consumers against abusive sales of credit and bank cards, or to impose higher capitalization levels on banks and to make them pass regular stress tests.

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