The three Fed nominees nominated by Biden promise to combat inflation while maintaining the economy's recovery.
WASHINGTON: If confirmed by the Senate, all three of US President Joe Biden's nominees for the Federal Reserve board have pledged to lower rising inflation while maintaining the economy's recovery.
At a Senate Banking Committee hearing, Sarah Bloom Raskin, a former Fed governor and Biden's nominee for the Fed's vice chair for supervision, said, "I want to recognise the toll inflation exacts on working people who are concerned about how far their paychecks will go for essentials like food, housing, and transportation." "Reducing inflation is a critical goal for the Federal Reserve, and it must be a top priority while we maintain our economic growth," Raskin added.
Lisa Cook, a Michigan State University professor of economics and international relations and Biden's nomination for Fed governor, agreed that the central bank's most essential mission is to combat inflation.
"High inflation is a serious threat to a long, sustained growth, which, as we all know, enhances the standard of living for all Americans and leads to widespread, shared prosperity. That is why I am dedicated to maintaining well-anchored inflation expectations "At the hearing, Cook stated.
Cook said she agreed with the Fed's policy course "for now" in response to a question from Patrick Toomey, the top Republican on the Senate Banking Committee, but declined to explain how to keep inflation under control.
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