Cook was approved by a vote of 51-50 in the party, and Vice President Kamala Harris violated the equality.
He will join the Fed at a difficult time for the central bank as it seeks to curb inflation. Last week the Fed raised: its main interest rate when struggling inflation levels that are currently at Highest rates in 40 years.
“As President Biden said today“Fighting inflation remains a priority for the Biden-Harris administration as we work to reduce spending on hard-working families,” a White House official said in a statement after the Senate vote. “It is possible to have a full Federal Reserve. who can accept these challenges for the American people? “
The Board plays a key role in shaping the central bank’s monetary policy.
Cook, a professor of economics and international relations at Michigan State University, was elected to the board of directors of the Federal Reserve Bank of Chicago earlier this year. He previously served on the White House Economic Advisory Board, and was a member of Biden’s transition team under former President Barack Obama.
His: Research interests: Includes economic development, innovation, financial institutions, markets, economic history, he wrote about how Jim Crow’s laws have affected the long-term growth of the US economy.
In: November 2020 article Cook, published in The New York Times, wrote about how “discrimination has staggering costs for the entire economy,” citing a study that found far-reaching economic costs of racism.
His approval in the Senate came after President Joe Biden had an unusual opportunity to nominate three members to the Fed’s board after a vacancy left by the Trump administration.
When Biden? announced He told his nominees earlier this year that they would “bring the necessary expertise, judgment and guidance to the Federal Reserve, while at the same time bringing a variety of ideas and perspectives not previously seen in the Board of Governors.”
Senator Rafael Warnock, President of the United States Donald Trump, described Cook as “an excellent candidate for the post” shortly before the vote on Tuesday.
“She is a wonderful Georgian woman. “He comes from a successful family, he’s going to do a great job,” he told NBC News.
Senator Pat Tummy argued that Cook’s “obvious” lack of monetary policy experience – a history of “extreme” left-wing political propaganda – “hostility” to opposing views.
“Because we know very little about his views on inflation, my deep concern is that Professor Cook will serve the inflation dove at the Fed as American families continue to be devastated by this rise in prices,” Tumin told the Senate. : before the vote.
The Republicans are focused on making inflation a priority in the November midterm elections, when they hope to retake the House of Representatives and the Senate.
Biden has other Fed candidates awaiting approval votes. Senate Banking Committee Chairman Sherrod Brown, D-Ohio, told reporters Tuesday that he expects Fed Chairman Jerome Powell, who was nominated for a second term in January, and Philip Jefferson, who will become the fourth black man on the board. confirmed this week.
Voting for that approval has not been scheduled yet.
Scott Wong contributed.
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