In a historic move, President Biden nominates two Black economists for the Federal Reserve’s Board of Governors.
President Joseph Biden nominated two Black economists - Lisa Cook and Philip Jefferson - to serve on the seven-member governing board of the Federal Reserve. Currently a professor at Michigan State University, Ms. Cook was a senior economist in the Obama administration. Her research centers on African American innovation. Mr. Jefferson is a poverty researcher and professor at Davidson College. These appointments are significant in several ways. Not only is this the first time two African Americans will be nominated at the same time, but, with the simultaneous nomination of Sarah Bloom Raskin, if all are confirmed, women would constitute the majority of Federal Reserve Board members. This is truly unprecedented . The nominations come at a critical time. Inflationary pressures have increased, due mainly to a rise in corporate profits driven by a desire to lower business risk in the face of pandemic-induced uncertainty. In December, 2021, the Fed announced that it expects to curtail “its