MNI BRIEF: US Senate Confirms Biden's Fed Nominee Lisa Cook

The U.S. Senate on Tuesday confirmed Lisa Cook to join the Federal Reserve Board of Governors as its first black female board member.

Cook's confirmation passed the Senate with a vote of 50 to 50, with Vice President Kamala Harris casting the tie-breaking vote. Her confirmation is expected to open up a road in the Senate for other pending nominees, including Chair Pro Tempore Jerome Powell and Davidson College economist Philip Jefferson. The Senate confirmed Lael Brainard as Fed vice chair late last month.

Cook is poised to join a committee currently debating whether an unusually large 75bp rate increase will be appropriate down the line if inflation remains stubbornly high. (See: MNI INTERVIEW: Fed's Barkin Says Hikes Not On Set 50BP Course)