The Federal Reserve Board of Governors has never included a Black woman in its 108-year history — Democrats are looking to change that.
President Joe Biden has nominated renowned economist Dr. Lisa Cook for the board, but Republicans are working to stop the first Black woman from serving on the Federal Reserve. If confirmed, Cook's presence would bring a much-needed racial equality perspective to the governmental body that oversees banking and interest rates.
Marc Morial of the National Urban League told NewsOne, “The Federal Reserve Board of Governors is very influential.” Morial added, “It sets interest rates which are impacts everything we do in terms of whether it’s an automobile loan, home loan, personal loan or business loan.”
Ohio Senator Sherrod Brown said in a statement that Senate Republicans were "stonewalling a qualified Black woman" and urged the party to quit playing "political games."
With the rise of inflation, Cook could help implement strategies to relieve the financial burden that communities of color are disproportionately facing, Morial said.
Cook also has a long list of qualifications under her belt. She's an economics and international relations professor at Michigan State University. The economist earned a Ph.D. in macroeconomics at Berkeley and has published many articles outlining policies that could financially advance communities of color and women in the U.S., NewsOne reports.
Biden also nominated Phillip Jefferson, a Black, former Fed researcher, for the board. According to Morial, either Jefferson or Cook would bring diversity to the board's white legacy.
“This is is quite significant that President Biden has three nominees to the Federal Reserve Board of Governors, he’s chosen to nominate two African Americans,” Morial said. “He’s chosen to reshape the Federal Reserve Board of Governors which has historically been the province of white men.”