In another historic confirmation and with a slim victory, the U.S. Senate has confirmed the first Black woman to serve on the Federal Reserve Board of the Federal Reserve System.
Lisa D. Cook, an economist, is the first Black woman to serve on the board in its 108-year history, according to the NBC News. The Federal Reserve Board plays a key role in setting the central bank’s monetary policy.
Cook was confirmed by the Democratic-led Senate in a 51 to 50 vote, with the tie-breaking vote being cast by Vice President Kamala Harris, the first Black person to serve in her political capacity.
After the former administration left a vacancy on the Federal board, President Joe Biden nominated three individuals he believed were qualified to support the country’s needs during a complicated downturn in the economy.
On Jan. 22, the White House announced the nomination of Sarah Bloom Raskin to serve as Vice-Chair for Supervision of the Board of Governors of the Federal Reserve System and nominated Cook and Philip Jefferson to serve on the Board of Governors of the Federal Reserve System. Both Cook and Jefferson are Black.
The POTUS said in a statement about his choice, “… Jefferson and Cook are talented economists with decades of experience working on a broad range of economic issues. Together with Chair Powell and Dr. Brainard, who I renominated last month, this group will bring much-needed expertise, judgment, and leadership to the Federal Reserve while at the same time bringing a diversity of thought and perspective never seen before on the Board of Governors.”
The statement continued, “They will continue the important work of steering us on a path to a strong, sustainable recovery while making sure that price increases do not become entrenched over the long term. I have full confidence in the strong leadership of this group of nominees, and that they have the experience, judgment, and integrity to lead the Federal Reserve and to help build our economy back better for working families.”
Read full story at Atlanta Black Star here.