Senate Confirms Lisa Cook As First Black Woman On Fed Board

Topline

The Senate confirmed economist Lisa Cook to serve on the Federal Reserve’s Board of Governors in a party-line vote Tuesday evening, after a months-long delay driven by Republican opposition, setting up Cook to become the first Black woman to join the central bank’s board.

Key Facts

Tangent

Cook is joining the Federal Reserve at a difficult time: The central bank is trying to stem inflation though steep interest rate hikes, fueling widespread fears that economic growth could slow as a result.

Key Background

A professor at Michigan State University who specializes in economic history and international economics, Cook has served on the regional Federal Reserve Bank of Chicago’s board since January. She’s also well-known for researching the economic impacts of racial discrimination. The Biden Administration has touted Cook’s academic credentials and her time working for former President Barack Obama’s Council of Economic Advisers. However, Senate Minority Leader Mitch McConnell (R-Ky.) and other Republicans have argued Cook doesn’t have enough expertise in monetary policy and fighting inflation, a claim Democrats have pushed back against.

Surprising Fact

The Biden Administration has struggled to advance some of its Federal Reserve nominees in a Senate split 50-50 between Democrats and Republicans, as lawmakers scrutinize the nominees’ responses to surging inflation and their views on the scope of the Federal Reserve’s power. Lael Brainard was confirmed to serve as the central bank’s vice chair in late April, roughly five months after she was initially nominated. Sarah Bloom Raskin withdrew her candidacy to serve as vice chair for supervision in March, after Republicans and Democratic Sen. Joe Manchin (W.Va.) criticized her views on the Fed’s role in combating climate change. And three of Biden’s other nominees—including Chair Jerome Powell, whom Biden selected for a second term at the Fed’s helm—are still awaiting action in the Senate.