President Biden on Thursday night completed his slate of nominations to the Federal Reserve, according to a person familiar with the process, naming Sarah Bloom Raskin, Lisa Cook and Philip Jefferson to some of the country’s most influential policymaking roles at a crucial time in the economic recovery.

Biden has named Sarah Bloom Raskin to be the Fed’s top banking cop, known as vice chair for supervision. He also nominated Lisa Cook and Philip Jefferson to two open seats on the Fed’s board of governors.

Raskin, Cook and Jefferson did not immediately respond to requests for comment Thursday night.

The Washington Post previously reported that the White House was strongly considering a package of Raskin, Cook and Jefferson, though it was unclear when the nominations would take place, as the process has been stalled over months. The seven-seat Fed board has operated with at least one open slot for all of the first year of Biden’s presidency, and people close to the Fed, Capitol Hill and White House have long expressed frustration that the White House did not move sooner to fill the Fed posts given its tremendous role getting control of inflation and protecting the economic recovery.

Biden’s picks, if all confirmed, would constitute the most diverse Fed board yet. Cook would be the first Black woman on the Fed board in its 108-year history. Jefferson would be the fourth Black man on the board.

The nominations come at a highly consequential time for the central bank — and for Biden’s broader economic agenda. The Fed is charged with keeping prices stable and fostering full employment, and the central bank has played an enormous role propping up the economy throughout the pandemic.

But the Fed is rapidly withdrawing that support and is now preparing to combat the highest inflation in 40 years by raising interest rates for the first time since the pandemic began. Fed leaders are projecting at least three rate increases that could begin as early as March. In recent weeks, many Fed experts have expressed concern that the Fed would be operating with multiple empty seats as it undertook such a major policy shift.

The Fed closely guards its separation from politics, but its decisions will also weigh heavily on Biden’s economic legacy. Despite tremendous growth in the labor market and a strong recovery from the coronavirus recession, inflation has emerged as a chief economic threat — and a litmus test for how people perceive the economy. Republicans are poised to hammer on inflation going into the 2022 midterms, and they blame Democrats’ sprawling stimulus measures for overheating the economy.

The slate of nominees are likely to appease Democrats who have pushed for stronger Wall Street oversight, as well as those who have pressed the White House to bring more diversity to Fed leadership.

Democrats have been particularly focused on whom Biden would tap to be banking cop, in hopes that he would nominate a liberal regulator who would strengthen rules on the banking system. Raskin previously served as deputy secretary of the Obama administration’s Treasury Department from 2014 to 2017. She also served as a governor on the Fed board from 2010 to 2014.

Raskin also has called attention to the risks climate change poses to the financial system and the need for regulators to respond in her more recent work in academia. Raskin teaches at Duke University School of Law. She is a distinguished fellow of Duke Law School’s Global Financial Markets Center and has spoken about the economic and financial stability risks tied to climate change.

Fed watchers expect that Raskin’s attention to climate-related risks will make for a thornier confirmation process in a 50-50 Senate. Earlier on Thursday, during a Senate confirmation hearing for Lael Brainard, Biden’s nominee for Fed vice chair, Sen. Patrick J. Toomey (R-Pa.) raised concerns about Raskin’s possible nomination, and it’s likely many other GOP lawmakers will follow suit.

“I have serious concerns that she would abuse the Fed’s narrow statutory mandates on monetary policy and banking supervision to have the central bank actively engaged in capital allocation,” Toomey said in a statement Thursday night, following news of Raskin’s nomination. “Such actions not only threaten both the Fed’s independence and effectiveness, but would also weaken economic growth.”

Cook is among the country’s more preeminent economists and teaches at Michigan State University, with a focus on macroeconomics, economic history, international finance and innovation. She worked on the White House’s Council of Economic Advisers during the Obama administration and has held visiting appointments at the National Bureau of Economic Research, the University of Michigan, and the Federal Reserve Banks of New York, Chicago, Minneapolis and Philadelphia.

Cook’s nomination had long been supported — and pushed — by the chairman of the Senate Banking Committee, Sen. Sherrod Brown (D-Ohio), according to people close to the Hill and familiar with the nomination process.

Jefferson is vice president for academic affairs and dean of faculty at Davidson College. He previously worked as an economist for the Fed’s board of governors, as well as for the New York Fed. His research has focused on inequality, how business cycles affect poverty rates, and the role of education as a shield against unemployment. The Wall Street Journal and Bloomberg News previously reported on Jefferson’s candidacy.

In November, Biden reappointed Fed Chair Jerome H. Powell to a second term and elevated Brainard, the Fed’s lone Democrat, to vice chair. Nomination hearings for Powell and Brainard took place before the Senate Banking Committee this week. Both are expected to be confirmed.