Fed: 5 things to know about Lisa Cook, first black governor

Not a single Republican senator supported his candidacy. The Senate confirmed, overnight from Tuesday to Wednesday, the appointment as governor of the American central bank of economist Lisa Cook, who becomes the first black woman to hold this position.

The senators voted by 51 votes against 50 in favor of the candidate chosen by President Joe Biden, the vote of the vice-president of the United States Kamala Harris having achieved a majority. Here are five things to know about Lisa Cook.

1. His appointment was met with strong opposition

The Republicans being opposed to this appointment, the senators were thus, at the end of April, unable to organize a final vote of confirmation. The leader of the Republicans in the Senate, Mitch McConnell, had even criticized Lisa Cook for having “pushed conspiracy theories” around racism and the police.

Lisa Cook was one of the economic advisers to the White House during the Barack Obama era, but also in Joe Biden’s transition team. For her supporters, she will bring a new perspective to the mighty Federal Reserve.

2. She worked on the relationship between economy and discrimination

A professor of economics and international relations at Michigan State University, she has devoted much of her research to the previously unmeasured economic scars of discrimination on the productive capacity of the larger economy. of the world.

She also has a degree in economics from Oxford University and a doctorate from the University of California, Berkeley, and speaks five languages, including French and Russian. She also worked on the recovery of Rwanda after the 1994 genocide.

3. She grew up in the Southern United States

“My beliefs were shaped by my childhood in Milledgeville, Georgia (southeastern United States, editor’s note). It was the desegregationist South,” she explained on February 3, during her hearing before the Senate Banking Committee. “Both sides of my family were promoting nonviolent change alongside a family friend, the Reverend Martin Luther King. She “was one of the first black children to enter her public school, and spent her life breaking down racial and gender barriers,” said Georgia Senator Raphael Warnock.

The daughter of a Baptist chaplain and a nursing school teacher, she bears the physical scar of racism under her right eye after being attacked as a child while attending a school previously reserved for white students. In his native region, rather than allowing black people access to public swimming pools, they were destroyed. This is one reason that led Lisa Cook to observe in her work the consequences of this discrimination, which, she explains, has slowed down the whole of society, and not only its direct victims.

4. The fight against inflation is his priority

His mandate runs until January 2024, and his appointment comes as the central bank must fight against high inflation, without weighing on economic growth and employment.

“Dr. Cook understands how economic policy affects all Americans. She knows workers are the engine of our economic growth, and she understands that when everyone participates in our economy, it grows faster and stronger,” Democratic Senator Sherrod Brown said in a statement.

5. His nomination announces others

She is one of many positions that Joe Biden had to fill at the Fed, giving him the opportunity to reshape the institution’s Board of Governors. Lael Brainard, who had been the only Democrat since 2014, was confirmed at the end of April as vice-president of the institution.

The Senate plenum has yet to decide on the reappointment of President Jerome Powell, who Joe Biden has offered a second four-year term, as well as the gubernatorial nomination of Philip Jefferson, an African economics professor. -American. The White House must now propose a new candidate for the key post of vice president for banking regulation, after Sarah Bloom Raskin, who had been chosen, gave up for lack of sufficient support.


Leave a Reply

Your email address will not be published. Required fields are marked *