Former Fed Governor Sarah Bloom Raskin has been officially appointed vice-chair for supervision of the Federal Reserve. Economists Lisa Cook, Philip Jefferson and Philip Jefferson will fill the two vacant seats on the board.

U.S. President Joe Biden announced Friday that he would be stepping down. He had also nominated Cook (an Obama-era economist advisor and Michigan State University professor) to the board. Jefferson was also nominated to the governors’ panel, along with Raskin. Two of the seven vacant governors’ seats will be filled by Jefferson and Cook. Jerome Powell, Lael Brainard, and Lael Brainard were nominated for vice-chair and chair, respectively.