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Lisa Cook moving forward in Federal Reserve Board process

Posted at 11:59 AM, Mar 31, 2022
and last updated 2022-03-31 12:00:09-04

EAST LANSING, Mich. — Michigan State University economist and professor Lisa Cook is one step closer to becoming the first Black woman to join the Federal Reserves Board.

In 2021, Cook was elected to a three-year term on the Board of Directors of the Federal Reserve Bank of Chicago and was a senior economist on the White House Council of Economic Advisers from 2011 to 2012. And earlier this year, she was tapped by President Joe Biden for a bigger role.

She was nominated to serve on the Federal Reserves Board, but her confirmation was delayed two weeks ago after receiving a tie vote in the Senate Banking Committee. In order to move forward, she would have needed a majority vote.

On Tuesday, senators gathered for a vote to discharge Cook from the banking committee to pave the way for a new vote.

"A motion to discharge is necessary in this Congress whenever a nominee receives a deadlock vote in committee. So the steps we're taking later today are exceedingly important, but frankly, it's unfortunate that they're necessary at all. Not very long ago a nominee of Ms. Cook's qualifications would have sailed towards final confirmation with bipartisan support," said Majority Leader of the Senate, Chuck Schumer.

While Democratic senators feel Cook is ready to help the federal board with the growing inflation that is impacting the United States, others are not so sure.

"When asked to list her top few works on monetary policy for the banking committee, she provided only one, and that was a book chapter about Nigerian bank reforms in 2005. What's even more troubling is in addition to having no monetary experience, Professor Cook appears to have no opinion at all on how the fed should address inflation," said Pennsylvania Senator, Pat Toomey.

The Senate voted 50-49, which means Cook is now up for a final confirmation vote by the full Senate.

There is no exact date on when the final voting will take place, but Fox 47 will continue to keep you updated.

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