Democrats are working hard to confirm Dr Lisa Cook

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DDemocrats are still mobilizing for the prestigious economist Dr. Lisa Cook to be appointed to the Board of Governors of the Federal Reserve. If named, the win would be historic, making Cook the first black woman to serve on the board in its 108-year history.

Despite Cook’s credibility, Republicans are working quickly to keep his nomination from moving forward. On April 26, Ohio Sen. Sherrod Brown, who is also chairman of the Senate Banking Committee, urged Republicans to confirm Cook’s nomination.

Cook could be a huge asset to the Federal Reserve Plank of Governors for a number of reasons. The National Urban League’s Marc Morial previously told NewsOne that Cook’s appointment would bring a needed racial equity lens to a body that oversees and regulates bank and interest rates.

“The Federal Reserve Board of Governors is very influential,” Morial said. “He sets interest rates, which impacts everything we do, whether it’s a car loan, a home loan, a personal loan or a business loan. .”

In a market where inflation will have a major impact on communities of color, Cook would bring a fresh perspective to the board, helping to develop strategies to ease some of the financial implications for at-risk people with his expertise. In the past, Cook has argued that eliminating disparities in the race-based economy could help significantly improve GDP growth.

“What’s at stake for this economy and the global economy if policymakers don’t get it right and address these disparities?” Cook asked at a conference in February, according to CNBC. “The productive capacity of the United States and the global economy, higher living standards that should come from sustained long-term growth, and greater stability consistent with less unequal societies.”

Cook is also more than qualified for the role. The macroeconomist is a professor of economics and international relations at Michigan State University.

The first Marshall Scholar at Spelman College and she earned a second BA in Philosophy, Politics and Economics from Oxford University. After earning a Ph.D. in macroeconomics from the University of California, Berkeley, among other notable accomplishments. Cook has published numerous articles exploring federal policies that can help financially advance communities of color and women in the United States.

In 2019, she received the Impactful Mentor Award from the American Economic Association’s 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, the National Science Foundation, Opportunity and Inclusive Growth Institute, Federal Reserve Bank of Minneapolis.

In addition to Cook, President Biden named Phillip Jefferson, a former Fed researcher and dean of the faculty at Davidson College in North Carolina. Morial said confirming either nominee would bring diversity and inclusiveness to the council’s white heritage.

“It is is enough important that President Biden possesses Three nominees for the Federal Reserve Plank of Governors, It is selected for designate of them African Americans,” Morial explained. “He is selected for remodel the Federal Reserve Plank of Governors who has historically been the Province of white Men.”

SEE ALSO:

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