Washington, D.C.– Financial Services Professionals (FSP) released the following statement on the Senate confirmation of Dr. Lisa Cook to the Federal Reserve Board of Governors:
“FSP applauds the Senate confirmation of Dr. Lisa Cook to the Board of Governors of the Federal Reserve! As the nation deals with the ravages of four-decade high inflation, some of Dr. Cook’s research has focused on the impact of racial injustice on the economy. Dr. Cook brings a unique and long overdue perspective to the Fed that will add a conscience to arcane deliberations on interest rates, economic policy, and finance that will help this institution better promote a more inclusive economy that benefits all Americans. Ironically, some senators sought to cast aspersions on Dr. Cook’s nomination, even as Blacks and other people of color earn less and suffer from higher unemployment. Their partisan opposition underscores the critical importance of having an economist who has the depth of vision to make economic decisions that consider the needs of the underprivileged and marginalized in our society. Dr. Cook’s expertise and unique perspective will benefit the Federal Reserve as it works to tackle higher prices, worried consumers, and higher borrowing costs. FSP joins in the chorus applauding the leadership of Senate Majority Leader Chuck Schumer, Senate Banking Chairman Sherrod Brown, House Financial Services Chairwoman Maxine Waters, and CBC Chair Joyce Beatty, all of whom played important roles in this successful nomination effort. As Dr. Cook is serving out the term of Treasury Secretary Janet Yellen, it is our hope that Dr. Cook will be appointed to a full 14-year term on the Board in January 2024 so that the nation may benefit from her pioneering economic expertise.”
FSP is committed to diversity and inclusion and looks forward to continuing to work with the Biden-Harris Administration as they fill critical roles in finance, economics, and related fields.