Senate Confirms Biden’s Federal Reserve Nominee

Sen. Pat Toomey (R-PA), the ranking member of the Senate Banking Committee, said on the Senate floor ahead of the vote that Cook is “simply unqualified” to serve on the Federal Reserve board of governors. The leading Banking committee Republican said that Cook has little academic experience in monetary policy and worried that Cook may be a “dove” on monetary policy, which may lead to more inflation.

Toomey said:

Professor Cook’s record indicates that she is likely to inject further political bias into the Fed’s work—at a time when we need the Fed focused on fighting inflation. In her statements, tweets, and retweets, Professor Cook has supported race-based reparations, promoted conspiracies about Georgia voter laws, and sought to cancel those who disagree with her views, such as publicly calling for the firing of an economist who dared to tweet that he opposed defunding the Chicago police.

The Fed is already suffering from a credibility problem because of its involvement in politics and departure from its statutorily proscribed role. I’m concerned that Professor Cook will further politicize an institution that must remain apolitical.

Toomey said that Cook has sought to “cancel” an economist who opposed defunding the police, and has voiced support for “race-based reparations.”

He also disputed the “absurd” Senate Democrat argument that Republicans simply oppose Cook because she is a black woman.

The Senate voted in late April to invoke cloture, but Senate Democrats failed to muster the votes on Cook.