Dr. Lisa DeNell Cook, of Michigan, nominated to serve as a Member of the Board of Governors of the Federal Reserve System, speaks before the confirmation hearing of the Urban Affairs, Housing and Upper Bank Committee. Institute at Capitol Hill in Washington, DC, USA, February 3. , in 2022.
Ken Cedeno | Reuters
WASHINGTON – Senate Economist Lisa Cook confirmed Tuesday night to serve on the Federal Reserve Board of Governors, making her the first black woman to sit at the panel in its 108-year history.
Cook was confirmed in a 51-50 party vote, with Vice President Kamala Harris breaking ties.
She will join the Fed at a challenging time as the central bank tries to rein in inflation. Last week, the Fed lift up Its core interest as it fights inflationary Levels are currently in Highest level in 40 years.
“Like President Biden say todayA White House official said in a statement after the Senate vote, addressing inflation remains a top priority for the Biden-Harris Administration, as we work to reduce costs for caring families. just. Who can take on these challenges for the American people. “
The board of directors plays an important role in setting the monetary policy of the central bank.
Cook, a professor of economics and international relations at Michigan State University, was elected this year to the board of directors of the Federal Reserve Bank of Chicago. She served on the White House Council of Economic Advisers during the Obama administration and was a member of the Biden transition team.
She research hobby covers economic development, innovation, financial institutions and markets, and economic history, and she has written about how Jim Crow laws affect the long-term growth of the U.S. economy.
In one November 2020 article Published by The New York Times, Cook wrote of “discrimination that has a staggering cost to the economy as a whole,” citing research showing the far-reaching economic costs of division. racial segregation.
Biden has the unusual opportunity to nominate three members to the Fed’s board after the Trump administration left an unfilled vacancy.
When Biden announced his nominees this year, he said in a statement that they will “bring much needed expertise, judgment, and leadership to the Federal Reserve, while also bringing the diversity of thought and opinion never seen before on the Board of Governors.”
Sen. Raphael Warnock, D-Ga., described Cook as “excellently qualified for the position” shortly before Tuesday’s vote.
“She’s a wonderful Georgian. She comes from a family of successful people, and she’s going to do a great job,” he said.
Senator Pat Toomey, R-Pa., highlighted Cook’s lack of “monetary policy experience”, a history of supporting “extremist” leftist politics and “hostility” to opposing views.
“As we know very little about her views on inflation, my major concern is that Professor Cook will act as an inflationary dove for the Fed at a time when American families continues to be ravaged by these rallies,” Toomey said on the Senate floor. before voting.
Republicans are focusing on making inflation a top campaign issue ahead of the November midterm elections, when they hope to retake the House and Senate.
Biden has other Fed candidates awaiting confirmation votes. Senate Banking Committee Chairman Sherrod Brown, D-Ohio, told reporters Tuesday that he hopes Fed Chairman Jerome Powell – who was nominated in January for a second term – and Philip Jefferson , who will become the fourth black person to serve on the board, will confirm this week.
Their confirmation slip is yet to be scheduled.
