INDIANAPOLIS (May 11, 2022) – The Federal Reserve Board achieved a historic milestone this week – and Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) played a pivotal role. The U.S. Senate voted 51-50 to confirm FHLBank Indianapolis Board member Lisa Cook to the powerful seven-member Fed board that oversees the Federal Reserve Banks and implements monetary policy for the country.
Cook is the first Black woman to sit on the Fed board. She also is the first Bank Board member and the first FHLBank System Board member to have a seat on the Fed board. Shortly after her confirmation, Cook resigned from her seat on the FHLBank Indianapolis Board.
Nonetheless, her confirmation is critical to the Bank's future.
“In these volatile economic times, it’s critically important for the Federal Reserve Board to lean into experience and wisdom to set policy. We know our colleague Lisa Cook will provide that, and we are so proud to see that Congress recognizes that, too, by confirming her,” said Dan Moore, FHLBank Indianapolis Board Chair and Chair of the Council of FHLBanks. “In addition, it’s important to have someone who understands the intricacies of the FHLBank System, our mission and the needs of our members to help guide our nation’s economic policies with a Midwest perspective in mind. Lisa will do that, too.”
Nominated to serve on the Federal Reserve Board by President Joe Biden in February 2022, Cook joined the FHLBank Indianapolis Board as an independent director in 2021. She is a professor of economics and international relations and director of the American Economic Association Summer Program at Michigan State University in East Lansing, Mich. She also is a research associate at the National Bureau of Economic Research.
Previously, Lisa served on the faculty of Harvard University’s Kennedy School of Government, as deputy director for Africa Research at the Center for International Development at Harvard University, as a National Fellow at Stanford University, as President of the National Economic Association, and as a member of the White House Council of Economic Advisors. Lisa holds bachelor's degrees from Oxford University and Spelman College and earned her Doctor of Philosophy in Economics from the University of California at Berkeley.
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The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members' customers. FHLBanks are privately capitalized and funded and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, which include commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn and Twitter @FHLBankIndy.