On Tuesday, Michigan State University Economy Teacher Lisa Cook won U.S. Senate confirmation to serve on the Federal Reserve Board, with which she will become the first Black woman to work for this institution.
US Federal Deficit Totals $360 Bln in First 7 Months of FY2022
Cook will join the U.S. central bank as it faces the challenge: reining in 40-year-high inflation that is straining household budgets and sapping President Joe Biden's approval ratings.
She was elected by a 51-to-50 vote tie broken by Vice President Kamala Harris. No Republicans voted for Cook, and Democrats, who hold a razor-thin majority, had delayed moving forward on her nomination until they could assemble all 50 of their members to back her.
"Lisa’s election is fantastic news. She was a student of mine. She is a fantastic economist and will bring a welcome voice," Atlanta Fed President Raphael Bostic said, recalling that her research focuses on macroeconomics, economic history, international finance, and innovation, particularly how hate-related violence has harmed U.S. economic growth.
Cook analyzed how patent records show that the riots, lynchings, and racial segregation laws that targeted African American communities in the late 1800s and early 1900s hurt Black people’s ability to pursue inventions and discoveries.
“If something impedes the arrival rate of ideas, the economy slows down. It is not for the case of Black people. This fact applies to all economies,” Cook said.
Cook worked on the White House’s Council of Economic Advisers during the Obama administration and has held visiting appointments at the Economic Research National Bureau and the Federal Reserve Banks of New York, Chicago, Minneapolis, and Philadelphia.