The Senate voted to confirm Lisa Cook at the Federal Reserve, making her the first black woman to sit on a central bank board.
Ms. Cook was approved by a 51-50 vice president in a party-line poll on Tuesday
A tie breaks. Following in the footsteps of Federal Gov. Lale Brinard, President Biden’s second Central Bank candidate won the Senate confirmation. Cook is. Vice President of the Central Bank Last month.
Ms Cook’s confirmation on Tuesday evening paved the way for lawmakers to confirm two more choices this week, including the end of her four – year term as president, including Jerome Powell. Since then he has been working in a functional capacity and is ready to seek bipartisan support for a second term as chairman. Philip Jefferson, an economist at Davidson College, was the Fed board candidate who received unanimous support from the Senate Banking Committee in March.
Attempts to advance Ms Cook’s candidacy stalled last month due to a lack of support on the Democratic side of the aisle relating to Govt-19. His term will last until January 2024.
Mrs. Cook Worked as an economist On the staff of the Economic Advisers Council during the Obama administration. His research focuses on policies that promote broader economic opportunity, in particular Ethnic minorities and women.
Some Republicans at Ms Cook’s February confirmation hearing suggested she did not have enough experience in macroeconomics and monetary policy, citing her research experience and work in the Treasury and the White House.
Mrs. Cook and Mr. Mr. Jefferson’s appointments include Mr. Cook, who will allow Mr Pitney to make his mark at the central bank and fulfill promises to enhance the diversity of its top leadership. Jefferson is the fourth black governor and prime minister since 2006.
Mr. Michael Barr, a law professor who served as Biden’s top executive in the Obama administration’s Treasury Department, has also been recommended to serve as vice president of supervision at the central bank.
Central bank officials are focusing on raising interest rates to reduce demand and reduce economic growth and inflation. The central bank last week approved a half-percentage point increase in its policy rate Range between 0.75% and 1%And Mr. Powell signaled that similar moves could be followed at policy meetings again in June and July.
“I will never interfere in Federer’s judgments or tell them what to do — they are free; They are independent — I believe inflation is our main economic challenge now, and I think they will do the same, ”he said. Biden said Tuesday.
Some analysts have speculated that the new governors may favor a lower aggression rate increase, but as long as inflation runs above the central bank’s target of 2%, they are unlikely to slow down the central bank’s accelerating tightening. Mrs. Cook and Mr. Jefferson said tackling high inflation should be the central bank’s priority in the Senate in February.
The governors of the central bank have traditionally been the most consensual members of the consensus ratio committee. “The new additions will transform the existing company,” said Tim Dui, chief economist at SGH Macro Advisors, a research firm.
If inflation shows signs of declining to an annual rate of less than 3%, the central bank will face a very lively debate on how and when to moderate the pace of rate hikes.
Write to Nick Timiras at [email protected]
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The print edition, released May 11, 2022, ‘confirms Senate Fed board candidate.’
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