Economist Lisa Cook becomes the first black woman on the Fed’s board of directors

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Economist Lisa Cook was confirmed Tuesday as the Federal Reserve’s first black woman in a historic moment for the central bank as it tries to stabilize an all-American recovery.

Cook confirmed by a 51 to 50 votes In the Senate, with Vice President Harris casting his tie-breaking vote. No Republican voted for Cook, and Democrats, who had a very slim majority, delayed moving forward with her nomination until they could muster all 50 of her members to support her.

With new candidates, Biden tries to assemble the most diverse Fed in history

Cook is among the country’s leading economists and teaches at Michigan State University. Her research has focused on macroeconomics, economic history, international finance and innovation, particularly how hate-related violence has damaged the economic growth of the United States. Her work analyzed how patent records show that the riots, lynchings, and Jim Crow laws targeting African-American communities in the late nineteenth and early twentieth centuries harmed the ability of blacks to pursue the inventions and discoveries of the time.

“If something is hindering the rate at which ideas arrive, it will slow down the economy,” Cook She said On the Planet Money podcast in 2020. “It’s not just for that period. And it’s not just for blacks. This is a cautionary tale for all economies.”

Cook also served on the White House Council of Economic Advisers during the Obama administration, and 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.

Biden completes the Fed’s slate with three new nominations

President Biden sought to collect Most Diversified Fed In the agency’s 108-year history. Fed experts say the group of candidates recently named to the White House is going a long way toward fulfilling Biden’s promise to make the Fed more reflective of the country it serves.

Meanwhile, Fed policymakers are jostling with the highest inflation in 40 years, and the central bank faces the critical test of reining in inflation without jeopardizing the labor market and general economic recovery. Federal Reserve officials must also use their broad-based tools to sustain a recovery that lifts all Americans — without declaring victory before the economy’s most marginalized workers and families have a chance to join that recovery.

Biden as nominated Economist Philip Jefferson, vice president for academic affairs and dean of the faculty at Davidson College, takes a vacant seat on the Federal Reserve Board. If confirmed, it would be the first time the Federal Reserve has included more than one black governor at any one time.