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Financials

Biden considering economist Lisa Cook for Fed Board seat - Axios

WASHINGTON, Feb 10 (Reuters) - President Joe Biden is considering nominating Michigan State University economist Lisa Cook to an open seat on the U.S. Federal Reserve Board, Axios reported on Wednesday, citing unidentified people familiar with the matter.

Cook, a former senior Council of Economic Advisers economist who volunteered on Biden’s transition team, would be the first Black woman to serve on the board that oversees a collection of 12 regional central banks.

Reuters did not independently confirm the news outlet’s report. The White House did not respond to a request for comment.

Fed Chair Jerome Powell has less than a year to go in his four-year term, giving Biden another opportunity to reshape policy at the largely independent central bank.

Biden last week withdrew his predecessor Donald Trump’s contentious pick for seat, Judy Shelton. The board’s members have a vote on banking regulation matters as well as interest rates.

The U.S. president has called for the bank to take a more active role in address racial disparities in income and wealth. (Reporting by Washington newsroom Editing by Robert Birsel)

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