John -
What should have been an easy confirmation process for our experienced and well-qualified Fed nominees turned into a circus last week.
Jerome Powell, Lael Brainard, Philip Jefferson, and Lisa Cook’s nominations were voted on in the Senate Banking Committee. But the vote for Lisa Cook was tied, and therefore will need to be taken up by the full Senate before a final confirmation vote.
Lisa Cook is extremely qualified and brings much-needed expertise to the Fed. It’s why The Washington Post, the NAACP Legal Defense Fund, and dozens of academic leaders have all supported her nomination.
Ms. Cook would be the first Black woman to serve as a Fed governor in the central bank’s 108-year history. She has spent years studying developing economies, many of which struggled with high inflation.
She is a director of the Chicago Fed and has been a regular contributor in recent years to the prestigious Jackson Hole gathering of central bankers and top economic thinkers.1 She is a professor at Michigan State University.
Some conservatives like Senator Pat Toomey have tried to paint Lisa Cook and these nominees as extremely liberal. There’s no justification for that.
The Washington Post said it best about Lisa’s qualifications and background: “It’s mind-boggling that some have attempted to question whether the Fed needs this kind of expertise.”
Lisa Cook is also a champion for diversity and a role model for many young women. She has actively encouraged young Black women to consider the economics profession, which is essential when we realize how scarce Black women are in this field. Lisa Cook would enrich the Fed and the Senate needs to confirm her now.
The U.S. economy is facing a highly uncertain time. These three nominees are ready to help lead the Fed and bolster its credibility. The Senate must move quickly to put them in place.
Thank you for taking the time to speak out.
Brooke Harper
Regional Campaign Specialist
350.org
1 - Federal Reserve Bank of Kansas City
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PO Box 843004, Boston, MA 02284-3004
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