Lisa Cook, the first to sit in The Federal Reserve The committee now Face removal go through Donald Trumpanother obstacle she encountered in her experiences in one of the few black women in economics.
The president was nominated to the Federal Reserve in 2022 Joe Biden After establishing a career spanning government and academia, it includes work with the Treasury Department, services at the White House, and a long track record of academic contributions.
But her path to confirmation was not without hostility. Republicans oppose her nomination, forcing vice president Kamala Harris Break the 50-50 Senate deadlock. That narrow vote made Cook the first, and so far the only black woman served as Fed governor.
Her potential dismissal came just days after the Federal Housing Financial Institution Director Bill Pulte said On social media, she forged records and other documents to obtain favorable mortgage terms before she was appointed. Cook has not been charged with a crime or ruled for misconduct.
Under the law, the governor of the Federal Reserve Board of Directors is appointed to serve a 14-year term and can only be removed for “cause”, which is usually understood as corruption or serious wrongdoing. Cook continued to push back. Last week, she announced she had “no intention to be bullied” and promised to collect “accurate information to answer any legal questions and provide facts.”
“The law has no reason, he [Trump] Since 2022, there is no right to deprive her of the seat she holds. Her lawyers say they intend to sue.
Since joining the board, Cook has voted unanimously with the chairman Jerome Powellsupport last year’s decision to lower interest rates and this year’s decision Keep them stable. She is sometimes described asPigeon”, record label economists will tend to use it with lower interest rates.
Born in Georgia, Cook was raised by a hospital pastor and a nursing professor. She and her sisters were the first black students to integrate schools.
She went on to study for Marshall Scholars at Spelman College, and then received her PhD in Economics from the University of California, Berkeley in 1997.
Her academic work often links economics to the reality of race and discrimination. Her biggest Recognized worksViolence and Economic Activity: Evidence of African American patents describes how lynching and other racial violence in the late 1800s and early 1900s greatly reduced the patent activities of black inventors.
Cook also frankly introduces the challenges she faces in her career. In a 2019 article New York Timesshe and a co-author argue that “economics is neither a welcome nor a supportive career”.
“But if economics is hostile to women, it is especially hostile to black women,” she added.
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