Lisa Cook’s ascension to the Federal Reserve<\/u> was historic from the start. <\/p>\n
Appointed by former President Joe <\/u>Biden<\/u> in 2022, she became the first Black woman to serve as a Fed board governor, the seven-member panel that sets national interest rates and oversees the banking system.<\/p>\n
Now, she stands at the center of another historic moment, as President Donald Trump<\/u> attempts to fire her \u2014 a move the Federal Reserve has never faced in its 112-year history.<\/p>\n<\/p>\n
Cook’s legal fight traces back to late August, when Trump said he was firing her from the Federal Reserve Board of Governors. <\/p>\n
He alleged she misrepresented information tied to a trio of mortgages she obtained before joining the central bank. Cook has denied any wrongdoing and has not been charged with a crime.<\/p>\n
She sued Trump in federal court in Washington, D.C., to block her removal. On Sept. 9, a district court judge barred Trump from firing her while the case proceeds, a decision later upheld by a federal appeals court.<\/p>\n<\/p>\n
Before joining the Fed board, the Oxford alumna and UC Berkeley\u2013trained economist built a career in academia, including faculty roles at Harvard University and Michigan State University.<\/p>\n
A graduate of Spelman College, Cook has been described by American economist Barry Eichengreen as ‘part economist and historian,’ with command of several languages, including French, Russian, Spanish and Wolof \u2014 a widely spoken language in Senegal.<\/p>\n
Cook has also held senior roles in government, serving as a senior economist on then-President Barack Obama\u2019s Council of Economic Advisers from 2011 to 2012. <\/p>\n
Before that, she served as a senior adviser on finance and development in the Treasury Department\u2019s Office of International Affairs. <\/p>\n
She joined the Fed board in May 2022 and was reappointed in September 2023 for a term that runs through January 2038, a tenure now under scrutiny as the Supreme Court prepares to hear oral arguments Wednesday. <\/p>\n
The court is expected to issue a ruling by this summer.<\/p>\n<\/p>\n
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