Historic Appointment to the Federal Reserve
Lisa Cook made history in 2022 when President Joe Biden appointed her to the Federal Reserve Board of Governors. She became the first Black woman to serve on the seven-member panel that sets national interest rates and oversees the U.S. banking system.
Now, Cook finds herself at the center of another unprecedented moment. President Donald Trump has attempted to fire her, a challenge the Federal Reserve has never faced in its 112-year history.
Legal Battle Against Trump
The dispute began in late August when Trump announced plans to remove Cook from the Fed board. He alleged she had misrepresented information related to three mortgages she obtained before joining the central bank. Cook denies any wrongdoing and has not faced criminal charges.
She filed a lawsuit in federal court in Washington, D.C., seeking to block her removal. On September 9, a district court judge prevented Trump from firing her while the case continues, a decision later upheld by a federal appeals court.
Academic and Professional Background
Before joining the Fed, Cook built a distinguished academic career. She taught at Harvard University and Michigan State University after earning degrees from Spelman College, Oxford University, and UC Berkeley. Economists describe her as “part economist and historian.” She also speaks multiple languages, including French, Russian, Spanish, and Wolof, a language widely spoken in Senegal.
Cook has also held senior government roles. She served as a senior economist on President Barack Obama’s Council of Economic Advisers from 2011 to 2012 and worked as a senior adviser on finance and development in the Treasury Department’s Office of International Affairs.
