WASHINGTON, (Reuters) – Former Federal Reserve Governor Sarah Bloom Raskin has been appointed Vice Chair of Supervision by Joe Biden. Two Black economists – Lisa Cook & Philip Jefferson – will serve as its Board of Governors. A source close to the matter said.

According to a source, late on Thursday the White House submitted the Senate’s nominations.

If confirmed by Senate, the nominations will mark a historic demographic change at the most powerful central bank in the world.

They would complete the 7-member panel, which has a tremendous impact on the U.S. economic system. The Fed’s leadership would be more diverse in terms of race and gender than at any point in its 108 year history.

One source close to the issue said that President Biden had nominated five highly qualified nominees for Board of Governors of Federal Reserve. Together, they will be able to bring extraordinary skill, experience and expertise to the Federal Reserve.

According to the source, “They will prioritise the independence of Federal Reserve and are dedicated to fighting inflation and maintaining stability in our economies in the middle of the pandemic and making sure that our economic growth broadly benefits everyone.”