Joint Center Strongly Supports Senate Confirmation of Dr. Lisa Cook and Dr. Philip Jefferson for Federal Reserve Board

The Joint Center for Political and Economic Studies’ Black Talent Initiative drafted the following letter that conveys our enthusiastic endorsement of Dr. Lisa Cook and Dr. Philip Jefferson to the Board of Governors of the Federal Reserve System. We and the undersigned organizational leaders urge the Senate Committee on Banking, Housing, and Urban Affairs to promptly progress their nominations and for the full Senate to prioritize their confirmation without delay.

Chairman Sherrod Brown
Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, DC 20510

Ranking Member Tim Scott
Committee on Banking, Housing, and Urban Affairs
United States Senate
534 Dirksen Senate Office Building
Washington, DC 20510

The Honorable Charles E. Schumer
Majority Leader
United States Senate
Washington, DC 20510

The Honorable Mitch McConnell
Minority Leader
United States Senate
Washington, DC 20510

Dear Chairman Brown, Ranking Member Scott, Majority Leader Schumer and Minority Leader McConnell:

We write to express our strong support for Dr. Lisa Cook to serve a full term as a member of the Board of Governors of the Federal Reserve System and for Dr. Philip Jefferson to serve as Vice Chair of the Board of Governors of the Federal Reserve System of the United States, and we urge your Senate Committee to advance them as swiftly as possible and for the full Senate to subsequently prioritize their confirmation. These economists bring the experience and expertise necessary to grow an economy that works for all Americans.

During their time at the Federal Reserve Board of Governors thus far, Dr. Cook and Dr. Jefferson have contributed to expanding the economy for all Americans. The policies these esteemed economists helped implement with Chair Powell and other leaders have reduced inflation growth by 45 percent. Inflation has declined for the past ten months while the job market remains strong. The unemployment rate is 3.4 percent, the lowest in 50 years. Job growth is strong, with nearly 13 million new jobs created in the last three years.

Dr. Cook took office as a member of the Board of Governors of the Federal Reserve System on May 23, 2022, to fill an unexpired term ending January 31, 2024. In doing so, she made history as the first Black woman to serve on the Board of Governors. Prior to her appointment to the Federal Reserve Board, Dr. Cook had a long career of distinguished service advising governments on global economic crises, serving the Federal Reserve System at all levels, studying economic growth, and teaching as a celebrated professor of economics and international relations, most recently at Michigan State University, with extensive direct involvement with the Federal Reserve System. Midwestern community bankers also elected Dr. Cook to the Board of the Federal Home Loan Bank of Indianapolis as well as to the Board of the Federal Reserve Bank of Chicago.

Dr. Jefferson took office as a member of the Board of Governors of the Federal Reserve System on May 23, 2022, to fill an unexpired term ending January 31, 2036. In doing so, he also contributed to the diversity of the Board, becoming only the fourth Black man to serve. An accomplished economist, Dr. Jefferson previously served as the vice president of academic affairs and dean of faculty at Davidson College in North Carolina, where he held the Paul B. Freeland endowed professorship in economics. Dr. Jefferson served as an economist for the Federal Reserve’s Board of Governors in Washington and for the Federal Reserve Bank in New York, and he previously served on the Board of Advisors of the Opportunity and Inclusive Growth Institute at the Federal Reserve Bank of Minneapolis.

The undersigned organizations strongly support the Senate confirmation of Dr. Cook for a full term and Dr. Jefferson as Vice Chair of the Federal Reserve. They have served on the Board during an unprecedented recovery for the American people. Senate confirmation would allow them to continue to complement the Federal Reserve’s leadership with the critical perspective of esteemed economists with the lived and professional experiences to ensure underrepresented communities continue to participate in an equitable recovery that strengthens the entire American economy.

Sincerely,

Jessica Fulton
Interim President
Joint Center for Political and Economic Studies

Samantha Tweedy
Chief Executive Officer
Black Economic Alliance

Derrick Johnson
President and Chief Executive Officer
NAACP

Nicole Elam
President and Chief Executive Officer
National Bankers Association

Lisa Rice
President and Chief Executive Officer
National Fair Housing Alliance

Marc Morial
President and Chief Executive Officer
National Urban League

CC: The members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs