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Cook, one of Biden’s reported Fed picks, is named Chicago Fed director -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Chicago Federal Reserve Bank President Charles Evans plans to moderate an panel on women and central banking, which includes Federal Reserve Board Governor Lael brainard, Sarah Breeden. Sarah Breeden is the Bank of England’s climate change point person, Michigan Sta

By Ann Saphir

(Reuters) – Lisa Cook from Michigan State University, an economist and professor of economics at the Federal Reserve Bank of Chicago was elected a director of that bank in January. However, she will likely be nominated by Joe Biden to the Federal Reserve Board anytime soon.

A spokesperson for the Chicago Fed said that Cook will begin her 3-year term as Chicago Fed’s new “class B” director. The Fed website revealed that Cook is one of the three directors chosen by member banks of the Chicago Fed and eight of the eight members of the board.

The new board members of regional Fed banks are usually announced in January. However, the Chicago Fed hasn’t made an announcement other than updating its website. Cook, who is currently on leave from Michigan State this year, did not reply to our request for comment.

Biden reportedly intends to nominate Cook for the Fed Board. Cook would become its first Black female governor.

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