May 11, 2022 - News

Senate confirms Georgia native Lisa Cook to Federal Reserve

Lisa Cook speaks into a microphone

Cook at a February confirmation hearing. Photo: Ken Cedeno/Reuters/Bloomberg via Getty

Lisa Cook, a Milledgeville native and Spelman graduate, has been confirmed to the board of the Federal Reserve Bank.

  • The Michigan State economist is the first Black woman in American history to join the country's central bank.

Why it matters: You know those interest rates everyone's talking about? The Fed controls them.

Go deeper: Axios' Neil Irwin takes a deep dive into how the Fed really works.

Catch up quick: Axios' Hans Nichols broke the news of Cook's consideration. He reported that her research implies she is less concerned about inflation and more focused on improving labor market conditions.

  • This appointment, Nichols reported, also reveals Biden's preferences for monetary policy and how he may reconstitute the Fed.

Details: Cook served on an Obama administration advisory council and on Biden's transition team.

  • She has also taught at Harvard and had visiting appointments at four regional Federal Reserve Banks and the National Bureau of Economic Research.

The intrigue: Cook's appointment saw pushback from Republicans who criticized her past social media activity. The original confirmation vote failed when several Democrats were absent with COVID-19.


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