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US Federal Reserve: Economist Cook to become the first black woman to join the Fed board


Joe Biden has nominated economist Lia Cook for the Federal Reserve Board of Governors. If confirmed by the US Senate, she would become the first black woman to serve on the Federal Reserve Board.

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Economist Cook at the University of Michigan:


- / AFP

With the economics professor Lisa Cook, a black woman is to move into the board of the US Federal Reserve for the first time. US President Joe Biden nominated Cook for the so-called Board of Governors of the Federal Reserve on Friday.

Cook is considered one of the few prominent black economists in the United States. (You can read a 2020 SPIEGEL interview with Cook here, in which she opened up about the racism in her industry).

The president also nominated economics professor Philip Jefferson for Fed governor.

If confirmed by the Senate, Jefferson would become the fourth black man to hold the office in Fed history.

In addition, Biden nominated finance expert Sarah Bloom Raskin for the seven-member executive committee of the Federal Reserve.

It is said to be responsible for overseeing the country's banks.

If all candidates are confirmed by the Senate, there would be more women than men on the Fed board.

The White House said the nominees would "bring a long-overdue diversity to the leadership of the Federal Reserve."

Biden nominated Fed Chair Jerome Powell for a second term at the end of last year.

Fed governor Lael Brainard is set to become the new deputy governor of the central bank.

"We are in a moment of historic economic progress and at the same time unique economic challenges," said Biden on Friday with a view to the economic recovery from the consequences of the corona pandemic, which led to the highest inflation in almost 40 years.

That is why a "solid and independent" management of the central bank is important.

Biden said the Fed board members-designate would keep the US on a “path to a strong, sustainable recovery” while ensuring that consumer price inflation does not become permanent.

The inflation rate rose to seven percent in December, the highest level in almost 40 years.

The high inflation hurts Biden politically.


Source: spiegel

All business articles on 2022-01-14

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