Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement following the confirmation of four nominees to the Federal Reserve’s Board of Governors:
“For years I have said that the leaders of the Federal Reserve must represent the diversity of the public they serve. Considerable progress toward this was made this week, when the Senate confirmed several members of President Biden’s diverse and historic slate of nominees to the Fed’s Board of Governors.
“I am thrilled that Dr. Lisa Cook will officially become the first Black woman to serve on the Board. Dr. Cook’s powerful personal story inspired her to dedicate her career to closing persistent racial inequities in our economy. As our economy recovers from the COVID-19 pandemic and faces challenges related to the fallout from Russia’s invasion of Ukraine, I am confident she will bring her considerable expertise and experience — including her work during the Great Recession and her study of international issues — to bear in this moment. Considering Dr. Cook’s impeccable credentials, I'm hopeful that she will be appointed to a full 14-year term on the Board in January 2024, so that the Board and country will benefit from her economic expertise and leadership for years to come. I also congratulate Dr. Phillip Jefferson, who will now become the fourth Black man to serve on the Board in its history. Dr. Jefferson brings along crucial expertise in monetary policy, poverty, and inequality.
“It is critical that the Fed's policy be set by a full slate of confirmed public officials. I am very disappointed that Senate Republicans obstructed the confirmation of Sarah Bloom Raskin, a highly qualified nominee whose expertise on financial stability and competition is sorely needed right now. At a moment when high prices, geopolitical conflicts, and climate change are creating major economic uncertainty, it is vital that we have a fully confirmed set of officials on the Fed’s Board of Governors for the first time in nearly a decade. `
“I congratulate Chair Jerome Powell, Vice Chair Lael Brainard, Dr. Cook, and Dr. Jefferson on their confirmations. I look forward to working closely with the Board to successfully tackle our nation’s economic crises head on.”