The Latest from the Prospect
 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

 

View this email in your browser

**MARCH 18, 2022**

Kuttner on TAP

With Sarah Bloom Raskin Out, Who Gets That Key Fed Post?

****

How about either Lael Brainard or Daniel Tarullo.

The vice chair of the Federal Reserve for supervision is the most
important Fed job other than chair, and arguably the most important
financial regulatory job in the government. President Biden's nominee,
Sarah Bloom Raskin, was perfect, having been a progressive Fed governor
earlier in her career, as well as deputy Treasury secretary.

But Joe Manchin's opposition, based on Raskin's strong views on
climate, killed her confirmation prospects. This latest Manchin sabotage
was aided by extensive industry lobbying based on Raskin's views on
financial regulation.

What now? One person who could do the job well is Daniel Tarullo, who
was the top Fed official on regulation and supervision when he was a Fed
governor in the Obama era. He is one of the most savvy regulatory
progressives, and could probably get confirmed. Tarullo has said he
doesn't want to go back into government-but his country needs him.

Another idea would be to move Lael Brainard, a strong regulatory
progressive who is currently on the Fed, from her new designated
position as general Fed vice chair to the key post of vice chair for
supervision. She needs to be confirmed in the new job, but got several
Republican votes

in the Senate Banking Committee, which approved her confirmation earlier
this week, 16-to-8.

With Raskin out, Biden has another Fed opening to fill, assuming that
Tarullo is not available and he shifts Brainard. William Spriggs has
long been on the list of contenders. Now is the time to give him the
job.

As the AFL-CIO's chief economist and a longtime economics professor
and mentor at Howard University, Spriggs would bring to the Fed a strong
voice for full employment, which risks getting lost as the Fed struggles
with inflation. (Disclosure: Spriggs serves on the

**Prospect** board-because he is such a terrific person.)

****

~ ROBERT KUTTNER

To receive this newsletter directly in your inbox, click here to
subscribe. 

Follow Robert Kuttner on Twitter

**Robert Kuttner's latest book is**

The Stakes: 2020 and the Survival of American Democracy
.

[link removed]

[link removed]
Homelessness Meets Cluelessness

Michael Shellenberger applies conservative culture war clichés to
the housing problem. BY PETER DREIER

[link removed] We
Need to Talk About Profits

Economists routinely ignore a fundamental set of data about the economy.
BY ELI COOK

[link removed]
Altercation: The Dark Money Funding a Times Columnist's Magazine

Just who is paying Bret Stephens to edit Sapir? BY ERIC ALTERMAN

[link removed]

 

Click to Share this Newsletter

[link removed]

 

[link removed]

 

[link removed]

 

[link removed]

 

[link removed]

YOUR TAX DEDUCTIBLE DONATION SUPPORTS INDEPENDENT JOURNALISM

The American Prospect, Inc.
1225 I Street NW, Suite 600
Washington, DC xxxxxx
United States
Copyright (c) 2022 The American Prospect. All rights reserved.

To opt out of American Prospect membership messaging, click here
.

To manage your newsletter preferences, click here
.

To unsubscribe from all American Prospect emails, including newsletters,
click here
.