On Tuesday, Lisa Cook was approved on a party-line vote to become the first Black woman ever to get a vote on U.S. interest rate policy. The vote for Cook was 51-50, with Vice President Kamala Harris casting the tie-breaking vote. MsReads via politico
Lisa Cook is sworn in during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Thursday, Feb. 3, 2022, in Washington. | Bill Clark/Pool via APThe Senate on Tuesday gave President Joe Biden his first official stamp on the Federal Reserve at a pivotal moment for the central bank.
The task ahead for them won’t be easy: reining in four-decade-high inflation without smothering a nascent economic recovery that has brought the unemployment rate down to 3.6 percent. They will also have to parse economic data amid mangled supply chains, the war in Ukraine and a lingering pandemic, all of which have hampered policymakers’ ability to see the signal through the noise.
After the expected confirmation of Philip Jefferson, a former Fed economist who was approved unanimously by the Senate Banking Committee, the central bank will have two Black board members serving simultaneously for the first time. The board will also have three women, a rare and recent phenomenon. Cook, who has long explored the impact of racial injustice on the economy, became a flashpoint for Republican complaints about the Fed and its growing research on race-related trends. Some GOP lawmakers also questioned the nominee’s qualifications for the job, a line of criticism that sparked a backlash from Democrats and some prominent economists who came to her defense.
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