Senate Confirms Cook, Jefferson to Federal Reserve Board of Governors

May 11, 2022Federal Regulation, News

Nearly four months after President Biden nominated Dr. Lisa Cook and Dr. Philip Jefferson to serve on the Board of Governors of the Federal Reserve System, the Senate has voted to confirm his nominees.

Cook was confirmed by vote of 51-50, with Vice President Kamala Harris casting the tie-breaking vote. Jefferson was agreed to by unanimous consent. Biden’s choice for Vice Chairman of the Board of Governors, Lael Brainard, was confirmed on April 26 by a vote of 52-43.

After the votes, Senator Sherrod Brown (D-Ohio), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued a pair of statements applauding the confirmations.

Describing Dr. Cook’s confirmation as historic, Brown noted that she will be the first Black woman to ever serve on the Federal Reserve Board.

“[Dr. Cook] will bring an invaluable perspective while implementing the Federal Reserve’s dual mandate and protecting its independence,” Brown said. “Dr. Cook understands how economic policy affects all Americans. She knows that workers drive our economic growth, and she understands that when everyone participates in our economy, it grows faster and stronger.”

Brown also congratulated Jefferson, saying “Dr. Jefferson is one of the country’s leading thinkers on the economics of poverty and will be a critical voice on the Fed. He will serve alongside Dr. Cook—marking the first time that two Black governors have served on the board at the same time.”

Other than Jerome Powell, nominated for another term as Fed Chair and expected to be confirmed tomorrow, the only outstanding nomination for the Federal Reserve’s Board of Governors is that of Michael Barr, who President Biden announced his intent to nominate for the Vice Chair of Supervision role after his previous choice for the position, Sarah Bloom Raskin, withdrew her nomination.

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