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Lisa Cook draws support from White House officials for Fed board: report

Lisa Cook draws support from White House officials for Fed board: report
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Economist Lisa Cook is reportedly emerging as a potential contender to fill a vacant spot on the Federal Reserve's Board of Governors and drawing support from inside the new Biden administration. 

A number of White House officials have already backed Cook, a Michigan State University economics professor who served as a senior economist with the Council of Economic Advisers during the Obama administration, for the open seat, Bloomberg News reported

Cook also serves on the steering committee of the progressive Washington Center for Equitable Growth, which was co-founded by Heather BousheyHeather BousheyOVERNIGHT ENERGY: Biden returns to Obama-era greenhouse gas calculation | House passes major public lands package | Biden administration won't defend Trump-era relaxation of bird protections Biden returns to Obama-era greenhouse gas calculation Lisa Cook draws support from White House officials for Fed board: report MORE, a member of President BidenJoe BidenBiden to sign executive order aimed at increasing voting access Myanmar military conducts violent night raids Confidence in coronavirus vaccines has grown with majority now saying they want it MORE’s economic team, the news outlet noted. Treasury Secretary Janet YellenJanet Louise YellenThe Hill's 12:30 Report - Presented by ExxonMobil - Senate begins marathon vote-a-rama before .9T COVID-19 relief passage The Hill's Morning Report - Presented by Facebook - Virus relief bill headed for weekend vote Debt to break WWII record by 2031 MORE also served on the committee in the past.

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According to Bloomberg, Biden has not yet considered contenders for the role or contacted Cook about the position.

However, Axios, citing sources familiar with the situation, reports that the president has been considering Cook for the role.

The Hill has reached out to the White House for comment on both reports.

If appointed to fill the spot, Cook would be the first Black woman to serve on the seven-member Federal Reserve board.

Coverage of her prospects for the seat has stirred excitement online, including from Rep. Ayanna PressleyAyanna PressleyPressley says image of Black custodial staff cleaning up Capitol after Jan. 6 riot 'haunts' her DeJoy apologizes for mail delays while defending Postal Service changes DeJoy set for grilling by House Oversight panel MORE (D-Mass.), who was the first Black woman to be elected to Congress from Massachusetts.

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“This is a victory for the people, & the most marginalized to truly be centered. Econ policy with a racial justice lens,” Pressley tweeted in response to the reports. 

Prior to teaching at Michigan State and her time in the Obama administration, Cook studied economics and politics at Oxford University, where she earned her B.A. as a Marshall Scholar. She also later earned a Ph.D. at University of California, Berkeley, in economics.

Biden earlier this month formally withdrew former President TrumpDonald TrumpBiden to sign executive order aimed at increasing voting access Albany Times Union editorial board calls for Cuomo's resignation Advocates warn restrictive voting bills could end Georgia's record turnout MORE's nomination of Judy Shelton to serve on the Federal Reserve board. Shelton, a former Trump campaign adviser, had been nominated for the seat last year.

Shelton's nomination prompted concerns from Republicans over her views on Fed independence, monetary policy and her past support for the gold standard.