The Federal Reserve System is the central banking system of the United States. It was created on December 23,1913,with the enactment of the Federal Reserve Act,after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years,events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
Robert Cox Merton is an American economist,Nobel Memorial Prize in Economic Sciences laureate,and professor at the MIT Sloan School of Management,known for his pioneering contributions to continuous-time finance,especially the first continuous-time option pricing model,the Black–Scholes–Merton model. In 1997 Merton together with Myron Scholes were awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for the method to determine the value of derivatives.
Melvin Luther Watt is an American politician who served as director of the Federal Housing Finance Agency from 2014 to 2019. He was appointed by President Barack Obama. He is a former United States Representative for North Carolina's 12th congressional district,from 1993 to 2014. He is a member of the Democratic Party.
Janet Louise Yellen is an American economist serving as the 78th United States secretary of the treasury since January 26,2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first person to hold those positions having also led the White House Council of Economic Advisers and the first woman to hold either post.
In the United States Senate,the nuclear option is a parliamentary procedure that allows the Senate to override a standing rule by a simple majority,avoiding the two-thirds supermajority normally required to invoke cloture on a measure amending the Standing Rules. The term "nuclear option" is an analogy to nuclear weapons being the most extreme option in warfare.
Ben Shalom Bernanke is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve,he was appointed a distinguished fellow at the Brookings Institution. During his tenure as chairman,Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis,for which he was named the 2009 Time Person of the Year. Before becoming Federal Reserve chairman,Bernanke was a tenured professor at Princeton University and chaired the Department of Economics there from 1996 to September 2002,when he went on public service leave. Bernanke was awarded the 2022 Nobel Memorial Prize in Economic Sciences,jointly with Douglas Diamond and Philip H. Dybvig,"for research on banks and financial crises",more specifically for his analysis of the Great Depression.
Kevin Maxwell Warsh is an American financier and bank executive who served as a member of the Federal Reserve Board of Governors from 2006 to 2011.
Lael Brainard is an American economist serving as the 14th director of the National Economic Council since February 21,2023. She previously served as the 22nd vice chair of the Federal Reserve between May 2022 and February 2023. Prior to her term as vice chair,Brainard served as a member of the Federal Reserve Board of Governors,taking office in 2014. Before her appointment to the Federal Reserve,she served as the under secretary of the treasury for international affairs from 2010 to 2013.
David Wiley Mullins Jr. was an American economist who served as the 14th vice chairman of the Federal Reserve from 1991 to 1994. Prior to his term as vice chairman,Mullins served as a member of the Federal Reserve Board of Governors,taking office in 1990. Before his appointment to the Federal Reserve,he served as the under secretary of the treasury for domestic finance under President George H. W. Bush. Mullins left the government service to join the hedge fund Long Term Capital Management and remained in private finance following its collapse in 1998.
Patricia Ann Millett is a United States circuit judge of the United States Court of Appeals for the District of Columbia Circuit. She formerly headed the Supreme Court practice at the law firm Akin Gump Strauss Hauer &Feld. Millett also was a longtime former assistant to the United States Solicitor General and served as an occasional blogger for SCOTUSblog. At the time of her confirmation to the D.C. Circuit,she had argued 32 cases before the United States Supreme Court. In February 2016 The New York Times identified her as a potential nominee to replace Justice Antonin Scalia.
The Dodd–Frank Wall Street Reform and Consumer Protection Act,commonly referred to as Dodd–Frank,is a United States federal law that was enacted on July 21,2010. The law overhauled financial regulation in the aftermath of the Great Recession,and it made changes affecting all federal financial regulatory agencies and almost every part of the nation's financial services industry.
A filibuster is a tactic used in the United States Senate to delay or block a vote on a measure by preventing debate on it from ending. The Senate's rules place few restrictions on debate;in general,if no other senator is speaking,a senator who seeks recognition is entitled to speak for as long as they wish. Only when debate concludes can the measure be put to a vote.
Sarah Bloom Raskin is an American attorney and financial markets policymaker who served as the 13th United States Deputy Secretary of the Treasury from 2014 to 2017. Raskin previously served as a member of the Federal Reserve Board of Governors from 2010 to 2014. She also was Maryland Commissioner of Financial Regulation. She was a Rubenstein Fellow at Duke University. She is currently the Colin W. Brown Distinguished Professor of the Practice of Law at Duke Law School. She is also a Senior Fellow at the Duke Center on Risk. She also serves as a Partner at Kaya Partners,Ltd.,a climate advisory firm.
Richard Harris Clarida is an American economist who served as the 21st Vice Chair of the Federal Reserve from 2018 to 2022. Clarida resigned his post on January 14,2022,to return from public service leave to teach at Columbia University for the spring term of 2022. He is the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University and,from 2006 until September 2018,Global Strategic Advisor for PIMCO. He is notable for his contributions to dynamic stochastic general equilibrium theory and international monetary economics. He is a former Assistant Secretary of the Treasury for Economic Policy and is a recipient of the Treasury Medal. He also was a proponent of the theory that inflation was transitory during the COVID-19 pandemic.
Jerome Hayden "Jay" Powell is an American attorney and investment banker who has served since 2018 as the 16th chair of the Federal Reserve.
Cornelia Thayer Livingston Pillard,known professionally as Nina Pillard,is a United States circuit judge of the United States Court of Appeals for the District of Columbia Circuit. Before becoming a judge,Pillard was a tenured law professor at Georgetown University.
Kathryn Mary Elizabeth Dominguez is a Professor of Public Policy and Economics at the University of Michigan and is a former nominee for the Governor of the U.S. Federal Reserve System.
Judy Lynn Shelton is an American economic advisor to former President Donald Trump. She is known for her advocacy for a return to the gold standard and for her criticisms of the Federal Reserve. Trump announced on July 2,2019,that he would nominate Shelton to the Fed. Her nomination stalled on November 17,2020,with a 47–50 vote in the Senate,and her nomination was eventually withdrawn by President Joe Biden in February 2021.
Lisa DeNell Cook is an American economist who has served as a member of the Federal Reserve Board of Governors since May 23,2022. She is the first African American woman and first woman of color to sit on the Board. Before her appointment to the Federal Reserve,she was elected to the board of directors of the Federal Reserve Bank of Chicago.
Jean Nellie Liang is an economist who currently serves as President Joe Biden's Under Secretary of the Treasury for Domestic Finance.
