Lisa D. Cook, an economist and Michigan State University professor, recently made history as the first Black woman to serve on the Federal Reserve System Board of Governors in its 108-year history.
The U.S. Senate narrowly confirmed Cook’s nomination in a 51-50 vote, with Vice President Kamala Harris breaking the tie.
U.S. Sen. Debbie Stabenow released a statement about Cook’s confirmation, stating that it comes at a time when the Federal Reserve needs “the best and the brightest” to help the country recover from the COVID-19 pandemic.
“Dr. Cook’s perspective and experience is unmatched and will be instrumental in our nation’s recovery,” Stabenow said. “I’m so proud to see one of Michigan’s best at the Federal Reserve — I know she’ll do an amazing job.”
The Federal Reserve System consists of the Federal Reserve Bank, which is the central bank of the United States, and 12 regional Federal Reserve Banks. The Federal Reserve Board of Governors conducts the nation’s monetary policy, with the purpose of maintaining stability in the U.S. financial system.
President Joe Biden, who nominated Cook to the Federal Reserve board in January, said recently that addressing high inflation rates due to a combination of the COVID-19 pandemic and the war in Ukraine is his administration’s “top domestic priority,” USA Today reports.
Inflation has started to slow slightly, with an 8.3% rise in consumer prices in April after months of rising costs and a 40-year high of 8.5% recorded in March.
Related: U.S. Inflation inches down to 8.3% in April, but prices remain stubbornly high – mlive.com
From her work in education to aiding former and current presidential administrations, Cook has a long history in the world of economics.
She was the first Marshall Scholar from Spelman College, a historically Black college located in Atlanta, and earned a second bachelor’s degree in philosophy, politics and economics from Oxford University in England. She earned a doctorate from the University of California, Berkeley, in macroeconomics and international economics.
Prior to joining MSU in 2005, Cook was on the faculty of Harvard University’s Kennedy School of Government, Deputy Director for Africa Research at the Center for International Development at Harvard University and a National Fellow for research in economics at Stanford University.
U.S. Sen. Gary Peters said in a statement that Cook’s experience and leadership will help strengthen the economy and support Michigan families.
“I was proud to support her historic confirmation and am confident her perspective will serve our nation well on the Federal Reserve,” Peters said.
In 2020, she served on President-elect Joe Biden and Vice President-elect Kamala Harris’ transition team to review agencies such as the Commodity Futures Trading Commission, the Federal Deposit Insurance Corp., the Federal Reserve, the National Credit Union Administration and the Securities and Exchange Commission.
Cook also was a senior economist on the President’s Council of Economic Advisers under the Obama administration, where she worked on the eurozone, financial instruments, innovation and entrepreneurship. She was also on the Obama-Biden presidential transition team and led the review of the World Bank and International Affairs division of the Treasury Department.
An advocate for increased diversity and inclusion within the field of economics, Cook was recognized in 2020 by Fortune magazine as one of 19 Black Economists to Celebrate.
Cook is the fourth Black economist to serve on the American Economic Association board in its 130-year history. She directed the American Economic Association Summer Program for five years while it was hosted at MSU. The program creates opportunities for students from underrepresented backgrounds to advance in the field of economics.
In 2021, Cook was elected to a three-year term on the board of directors of the Federal Reserve Bank of Chicago, a position she will need to resign now that she is confirmed as a Federal Reserve governor. Additionally, Cook has been a member of the Federal Home Loan Bank of Indianapolis Board of Directors, one of 11 independent regional cooperative banks across the United States.
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