In SummaryPresident Joe Biden has nominated affluent economist Lisa D. Cook to the Federal Reserve Board of Governors, making her the first Black woman to serve if granted Senate approval.
President Joe Biden has nominated three people to the Federal Reserve Board of Governors, including Lisa Cook, who would be the first African American woman to serve, per Washington Informer.
According to a White House statement, Cook teaches economics and international relations at Michigan State University and previously served on President Obama’s White House Council of Economic Advisers.
She graduated from Spelman College as the first Marshall Scholar and went on to Oxford University to get a second B.A. in Philosophy, Politics, and Economics before earning a Ph.D. in Economics.
Economic growth and development, innovation, financial institutions and markets and economic history are among her current research interests.
“We are at a moment of historic economic progress alongside unique economic challenges as we work to drive our recovery forward,” said President Biden. “This is a moment that calls for sound, independent leadership from the Board of Governors at the Federal Reserve.”
He went on to state he is honored to nominate Cook, as well as Sarah Bloom Raskin and Philip Jefferson, for their “breadth of knowledge, experience, and expertise.”
The Federal Reserve performs five key functions in the public interest to promote the health of the US economy and the financial system’s stability, per its website. Biden said he is confident it will meet its objectives, including ensuring price increases do not become entrenched over time without the independence that they require.