President Joe Biden on Friday announced the nominations of three individuals to serve on the Federal Reserve’s Board of Governors, including Lisa D. Cook, a professor of economics and international relations at Michigan State University.
If confirmed by the Senate, Cook would become the first African American woman to serve on the board.
A Marshall Scholar from Spelman College who received a second B.A. in philosophy, politics and economics from Oxford University, Cook earned a doctorate in economics from the University of California, Berkeley.
She also served as a faculty member of Harvard University’s Kennedy School of Government, deputy director for Africa Research at the Center for International Development at Harvard, and a national fellow at Stanford University.
“[Biden] is working to bring long-overdue diversity to the leadership of the Federal Reserve,” Erica Lowe, the White House director of African American Media, wrote on Twitter.
The president also nominated Phillip Jefferson, the dean of faculty at Davidson College in North Carolina, and Sarah Bloom Raskin, a former Federal Reserve and Treasury official, for positions on the board.
Raskin was nominated for the top regulatory post.
For Cook and Jefferson, confirmation would mean joining an exclusive club: The duo would count among just five Black governors in the 108-year history of the Federal Reserve.
“This group will bring much-needed expertise, judgment, and leadership to the Federal Reserve while at the same time bringing a diversity of thought and perspective never seen before on the Board of Governors,” Biden said in a statement.