The Senate confirmed Lisa Cook to serve on the Federal Reserve's Board of Governors in a party-line vote Tuesday evening, after a months-long delay driven by Republican opposition, setting up Cook to become the first Black woman to join the central bank.
Lisa Cook spoke at the Senate Banking, Housing and Urban Affairs Committee confirmation hearing.
The Senate approved Cook in a 51-50 vote, with all Republicans voting against him and Vice President Harris casting a tie-breaking 51st Democratic yes vote.
Cook is a professor at Michigan State University and specializes in economic history and international economics. She studies the economic impacts of racial discrimination. Cook's academic credentials and her time working for the Council of Economic Advisers have been promoted by the Biden Administration. McConnell and other Republicans have argued that Cook doesn't have enough expertise in monetary policy and fighting inflation.
Some of the Federal Reserve nominees have been difficult to advance in the Senate because of their views on the scope of the Federal Reserve's power. Lael Brainard was confirmed to serve as the central bank's vice chair in late April, roughly five months after she was initially nominated. The Fed's role in fighting climate change was a point of contention for Republicans and Democratic Sen. Joe Manchin. Three of Biden's nominees, including Powell, who was selected for a second term at the Fed, are still waiting for the Senate to act.
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