Politics

Senate confirms President Biden’s pick for Federal Reserve Board of Governors, Lisa Cook

The United State Senate confirmed President Joe Biden’s pick for the Federal Board of Governors, Lisa Cook, on Tuesday in a tight partisan vote, with Vice President Kamala Harris breaking the tie.

With the confirmation, Cook becomes the first Black woman to serve on the Federal Reserve Board of Governors. While Democrats lauded her qualifications, Republicans argued she is unprepared for such a role, in spite of her doctorate in economics and position as a professor at Michigan State University.

Senate Majority Leader Mitch McConnell accused Cook of being too progressive and partisan. “Professor Cook has no proven expertise in monetary economics at all, much less fighting inflation. Professor Cook is a proven partisan who has promoted left-wing conspiracy theories and called for a fellow academic to be fired because that person did not support defunding the police.”

Democrats defended Cook’s long resume. “Cook is unquestionably qualified and possesses bipartisan support from top economists, former Fed governors, bankers and civil rights organizations. Despite her broad support, a small but loud minority have wrongly claimed that Lisa Cook doesn’t meet the standards for this position — standards that only seem to apply for certain nominees,” said Sen. Sherrod Brown (D-OH) “She will bring a critical voice to the Fed – one that has been missing for far too long.”

President Biden thanked the Senate for confirming Cook, but also pushed for confirmation of his other nominees, who have faced an uphill battle from Senate Republicans.

“Inflation is a challenge for families across the country and bringing it down is my top economic priority. This starts with the Federal Reserve, which plays a primary role in fighting inflation in our country. I thank the Senate for confirming Dr. Lisa Cook to the Board of Governors last night, and urge the Senate to confirm my remaining nominees without delay,” Biden said in a statement.

ARTICLE: LAURA SPIVAK

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: NPR.ORG

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Laura is a freelance writer out of Maryland and a mom of three. Her background is in political science and international relations, and she has been doing political writing and editing for 17 years. Laura has also written parenting pieces for the Today Show and is currently working on writing a collection of remarkable true stories about normal people. She writes for FBA because unbiased news is vital to unity, and readers deserve the facts free of opinion.

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