On Tuesday, the Senate confirmed economist Lisa Cook to sit on the Central Bank’s central board, making her the first black woman to do so in the agency’s 108-year history.
Her approval was narrow, 51-50, with Vice President Kamala Harris ruling.
Republicans in the Senate argued that she was incompetent for the position and said she did not have enough experience with interest rate policy. They also said that her testimony before the Senate Banking Committee indicated that she was not committed enough to fighting inflation, which is at a four-decade high.
Cook holds a Ph.D. in economics from the University of California, Berkeley and has been a professor of economics and international relations at Michigan State since 2005. bank.
Some of her best-known research has focused on the effects of lynching and racial violence on innovation in African America.
Cook is just one of five Biden nominees for the Fed to win Senate confirmation. His choice of Fed has faced unusual opposition from party members, given the Fed’s history as an independent organization seeking to control politics.
Some critics, however, say the central bank has contributed to increasing scrutiny by addressing a wide range of issues in recent years, such as the role of climate change in financial stability and racial discrimination in employment.
Biden urged the Senate early on Tuesday to approve its nominations as the Fed seeks to fight inflation.
“I will never interfere with the Fed,” Biden said. “The Fed should do its job and will do its part, I’m convinced of that.
Central Bank Governor Jerome Powell is currently serving a temporary term following the end of his term in February. It was approved by the Senate Banking Committee by an almost unanimous vote in March.
The Governor of the Central Bank, Lael Brainard, was confirmed two weeks ago in the influential position of Deputy Chairman of the Central Bank with 52-43 votes.
Philip Jefferson, professor of economics and dean at North Carolina College in North Carolina, has also been nominated by Biden as governor and was unanimously approved by the Finance Committee. He would be the fourth black man to sit on the Fed’s board.
Biden has also named Michael Barr, a former Treasury Department official, as the Fed’s chief banking supervisor, following the election of Sarah Bloom Raskin by West Virginia’s Senator Joe Manchin.
Cook, Jefferson and Barr would join Brainard as nominees for the Fed. However, most economists expect the central bank to continue on its path with sharp interest rate hikes this year.
Lisa Cook will be the first black woman on the Central Bank’s board
Source link Lisa Cook will be the first black woman on the Central Bank’s board