Lisa Cook Becomes The First Black Woman To Serve On The Federal Reserve’s Board Of Governors

Dr. Lisa Cook one of the Senate Banking Committee Considers Federal Reserve Nominees.

Source: Pool / Getty

Congratulations are in order for esteemed economist Lisa Cook. On May 10, the Senate confirmed the Michigan State professor to serve on the Federal Reserve’s Board of Governors, an enormous achievement that will make her the first Black woman to join the institution in its 108-year history.

Cook, who obtained her doctorate in economics from the University of California, Berkely, was confirmed in a 51- 50 party-line vote thanks to Vice President Kamala Harris breaking the narrow tie. Some feared that the star’s confirmation wouldn’t happen, as Republicans continuously tried to discredit the former White House staff economist’s credentials, arguing that she was unqualified for the role.

Cook is more than qualified for the prestigious position.

The powerful international relations advocate served on the White House Council of Economic Advisers from 2011 to 2012 under the Obama administration and was even appointed to work alongside President Joe Biden’s transition team on the Fed and bank regulatory policy, according to NPR.

In 2019, she was awarded the Impactful Mentor Award by the American Economic Association Mentoring Pipeline Program and was later elected to the Executive Committee of the American Economic Association to represent the Advisory Boards of the Federal Reserve Bank of Chicago and the Opportunity and Inclusive Growth Institute of the Federal Reserve Bank of Minneapolis. She is also the first Marshall Scholar to graduate from Spelman College and received her second B.A. in Philosophy, Politics, and Economics from the esteemed Oxford University.

Cook has published extensive articles exploring federal policies that can help financially advance communities of color and women in the United States, and her perspective on racial equity is needed as inflation and today’s economic strife continues to widen the wealth gap for communities of color. Cook will help the board to make huge decisions on the central bank’s monetary policy that regulates things like price stability as well as banking and interest rates in the United States.

Congrats to Lisa Cook!