Biden may pick economist Lisa Cook to fill an open Fed seat. She would be the first Black woman to serve on the board: report

• Joe Biden could nominate economist Lisa Cook to fill a vacancy on the Fed's Board, Axios reported.
• Cook would become the first Black woman to serve on the board if she is nominated and confirmed.
• The White House has not yet contacted Cook for the job opportunity and an announcement isn't certain.

Economist Lisa Cook is being considered by President Joe Biden to fill a vacancy on the Federal Reserve Board of Governors, according to an Axios report.

If confirmed, Cook would be the first Black woman to serve on the Fed's Board that oversees the operations of 12 regional banks. Currently a professor of economics at Michigan State University, she has previously served as an economic adviser under President Obama and was a member of Biden's transition team.

During Obama's term, she led the review of the World Bank and International Affairs division of the Treasury Department.

The White House has not yet contacted Cook for the job opportunity and there's no certainty of an announcement, Bloomberg said, citing sources.

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The White House and Cook did not immediately respond to Insider's request for comment.

Federal Reserve Chairman Jerome Powell's term will lapse in February 2022, giving Biden a year to restructure monetary policy at the mostly independent bank. The President may have to consider filling four Fed seats over the year depending on whether he decides to retain former President Donald Trump's appointments.

Last week, Biden withdrew considering the name of Trump's contentious pick of Judy Shelton to fill a vacant Fed seat after her nomination ran into trouble with the Senate.

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