Sarah Bloom Raskin, a former Fed governor, has been appointed Vice Chair for Supervision for the Federal Reserve. She will be joined by economists Lisa Cook (for two of its vacant governorships) and Philip Jefferson (for one).

U.S. President Joe Biden announced Friday that he would be stepping down. Cook was an Obama-era economic advisor, and a Michigan State University faculty member. Jefferson is a former Fed research economist. Jefferson and Cook will fill two vacant spots in the group with seven governors. Jerome Powell (chair) and LaelBrainard (vice-chair), were also nominated.