Biden nominates historically diverse slate of nominees to Fed's key posts

U.S. President Joe Biden has picked former Federal Reserve Governor Sarah Bloom Raskin for the Fed's key regulatory post and two Black economists - Lisa Cook and Philip Jefferson - to serve on its board in what would represent a landmark demographic overhaul of the world's most powerful central bank.

The White House sent the nominations to the Senate late on Thursday, according to a source familiar with the process.

The appointments would fill out the ranks of a seven-member panel that wields tremendous influence over the U.S. economy and would make the Fed's top leadership the most diverse by