By Ann Saphir
– Michigan State University economics professor Lisa Cook was named a director of the Federal Reserve Bank of Chicago in January, even as she is expected to be nominated any day now to the Federal Reserve Board by U.S. President Joe Biden.
Cook is beginning her three-year term as the Chicago Fed’s newest “class B” director, a spokesperson said. She is one of three such directors picked by the regional Fed bank’s member banks, and one of eight on the board, the Fed website showed on Monday.
Regional Fed banks typically announce their new boards in January, though the Chicago Fed has not made any announcement beyond updating its website. Cook is on leave this year from Michigan State and did not respond to a request for comment.
Biden reportedly plans to nominate Cook to the Fed Board, where she would be its first Black woman governor, along with former Fed Governor Sarah Raskin and Davidson College’s Philip Jefferson.
(Reporting by Ann Saphir; Editing by Richard Chang)
