Biden considers Dr. Lisa Cook to be first Black woman on Federal Reserve Board: report
Dr. Cook, a Michigan State University professor, was a senior economist at the Council of Economic Advisers under President Barack Obama.
President Joe Biden is reportedly considering appointing Dr. Lisa Cook to an open board seat on the U.S. Federal Reserve Board.
Dr. Cook, an economist and professor at Michigan State University, would be the first Black woman to serve on the board, which oversees the 12 regional central Federal Reserve Banks.
Axios was the first to report Cook’s potential nomination, noting that the pick could reveal President Biden’s “preferences for monetary policy and how he may reconstitute the Fed, including the chairmanship.”
The term of current Federal Reserve Board Chairman Jerome Powell ends next February, but Biden is expected to name a replacement this summer to allow for a smooth transition.
According to the report, neither the White House nor Dr. Cook responded to their request for comment.
Dr. Cook has researched more about inflation and improving labor market conditions in her writings. Her study would be aligned with the Biden administration’s assurances that his $1.9 trillion stimulus package will not lead to inflation.
She was previously a senior economist at the Council of Economic Advisers under former President Barack Obama and also a member of the Biden transition team.
President Biden has called for the Federal Reserve Bank to actively address racial disparities in income and wealth, and Dr. Cook has written extensively on that subject. She has penned historic research on racial violence against African Americans, which may have impacted the true number of patents and inventions credited to Black innovators during tumultuous times.
A native of Milledgeville, Georgia, Dr. Cook, as a child, was one of the first young Black students to integrate the city’s public schools. She is a graduate of Spelman College as well as Oxford University and holds a Ph.D. from the University of California, Berkeley.
Dr. Cook is multi-lingual and, in addition to English, fluently speaks French, Russian, Spanish and Wolof.