Senate confirms Georgia native Lisa Cook to Federal Reserve
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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