(Reuters) – Monday saw Jerome Powell, Federal Reserve Chairman, swear in for his fourth four-year term at the head of the U.S. central banking institution. The Fed released a statement.

Monday’s swearing in included Lael Brainard, the Fed’s vice-chair, as well as Philip Jefferson, the Fed Board of Governors’ newest member, and Lisa Cook who are both Black economists.

Cook is also the first Black woman ever to serve on the Fed board. The Fed is also the first to have more than one Black policymaker on its board.

Six of seven Fed board seats were filled by the swearing-in ceremony just weeks ahead of its June 14-15 policy meeting. At that meeting the Fed is likely to increase its overnight benchmark lending rate half a point in an effort to combat 40-years-high inflation.