Senate confirms Lisa Cook as first Black woman on Federal Reserve Board
Source: NBC News
WASHINGTON — The Senate confirmed economist Lisa Cook on Tuesday night to serve on the Federal Reserve’s Board of Governors, making her the first Black woman to sit on the panel in its 108-year history. Cook was confirmed 51-50, with Vice President Kamala Harris casting the tie-breaking vote.
She will join the Fed at a challenging time for the central bank as it attempts to rein in inflation. Last week, the Fed raised its core interest rate as it battles inflation levels that are now at 40-year highs.
"As President Biden said today, addressing inflation remains a top priority of the Biden-Harris Administration, as we work to lower costs for hardworking families," a White House official said in a statement after the Senate vote. "It is important to have a fully-staffed Federal Reserve who can take on these challenges for the American people."
The board plays a key role in setting the central bank's monetary policy. An economics and international relations professor at Michigan State University, Cook was elected earlier this year to the Federal Reserve Bank of Chicago's board of directors. She previously served on the White House Council of Economic Advisers under former President Barack Obama and was a member of the Biden transition team.
Read more: https://www.nbcnews.com/politics/congress/senate-confirms-lisa-cook-first-black-woman-federal-reserve-board-rcna28223
Thank you President Biden, Senate Democrats, and VP Harris.
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History making tie breaker
And congrats to Ms. Cook!
