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Lisa Cook, a professor of international relations and economics at Michigan State University, who is President Joe Biden’s nominee for governor of the Federal Reserve has repeatedly stated she supports reparations to black Americans for slavery and discrimination.
“Everybody benefited from slavery. Everybody,” Cook argued in a September 2020 “EconTalk” podcast. “So, I think that we absolutely need some sort of reckoning with that. There are many proposals on the table to study the possibility of reparations, many economic proposals being put forward, and I think they should all be taken seriously.”
“One thing I do support is H.R. 40 which would put in place a commission to study this. I think that’s absolutely what needs to be done,” Cook proclaimed at a forum hosted by the University of California Berkeley Haas School of Business. “It’s difficult not to comment on a particular plan because there could be many different plans to achieve the kinds of reparations that [two authors] are suggesting.”
The authors of H.R. 40 claim it is meant to “establish a commission to study and consider a national apology and proposal for reparations for the institution of slavery, its subsequent de jure and de facto racial and economic discrimination against African-Americans, and the impact of these forces on living African-Americans.”
I’ve got an idea.
Everyone that would like to forfeit their money for reparations, can do so. Go for it.
The rest of us that had nothing to do with slavery, nor did our parents or grandparents, should not be held responsible for a dime. #Reparations #SCOTUS #lisacook pic.twitter.com/4rDe3rZgw0
— LOUDER IN THE MIDDLE (@LOUDERinMIDDLE) January 31, 2022
Cook also gave the thumbs up to a tweet in 2020 that called for reparations that are “race-specific, because the injury was race-specific.”
Ron Daniels and @SandyDarity bring clarity to the reparations debate. Read @TracyJan’s entire thread, which is also clear and timely, and the comments. 👇🏽 https://t.co/qAbX9VzFwB
— Dr. Lisa D. Cook (@drlisadcook) February 25, 2020
She is also considered unqualified for the position by many. A senior Republican Senate aide told the Daily Caller that she is one of the least qualified nominees in the Fed’s history. The aide asserted that Cook’s background has no relevant connection to monetary economics or the Fed’s dual mandate.
Cook claims that she is a macroeconomist but her published work allegedly does not support that claim.
I am a macroeconomist who uses lynching in economic analysis & was a student of George Akerlof, Barry Eichengreen, David Romer & Paul Romer.
When I taught at Harvard, I taught 2 fundamental equations for economic analysis:
Y = C + I + G + (X-M) (1) and
Y = F(K, L, A) (2). 1/N
— Dr. Lisa D. Cook (@drlisadcook) May 30, 2020
“In her extensive writing for academic journals and think tank essays listed under ‘publications,’ you will find essentially nothing related to monetary policy, monetary effects on employment, interest rates, inflation, financial regulation or other traditional Fed topics,” wrote Hoover Institution economist John Cochrane. “Lisa Cook is superbly qualified — if the job is to bring the Administration and progressive supporters’ racial policies to the Fed. That might mean requiring DEI or ESG practices at banks, or to companies that banks lend to, directing credit to some areas or by race, and strengthening the DEI initiatives and race based hiring and promotion practices within the Fed.”
“This is not the place in this time of great peril for purely race-based appointments,” former Trump adviser Peter Navarro stated in an interview with the Daily Caller News Foundation. “Professor Cook is more qualified to coach an NFL team than manage what may be a looming collapse of our economy from a perch at the Fed. When that collapse comes, nobody in the financial world is going to say ‘Find Lisa Cook.’ Ultimately, this is not fair to Cook herself as it sets her up for an epic fall.”
Cook has a long history of liberal activism that pads her resume. Like Vice President Kamala Harris, she is a supporter of “bail funds” for rioters. Cook has also called for people to donate to Stacey Abrams’ “Fair Fight” political group. She is also reportedly a supporter of defunding the police.
https://twitter.com/BobRmhenry1/status/1482417570682576899
Cook is also intent on defunding energy companies due to climate change according to The Daily News-Record:
As part of a “broader reimagining of the economy,” the professor favors starving traditional energy companies that are hungry for credit: She advocated making fossil fuel companies ineligible for participation in the lending overseen by the Fed under the 2020 Cares Act. She anticipates “climate risk data” guiding the Fed’s asset purchases. And she hopes for “reimagined” fiduciary duty rules. And capital allocation toward government-approved, noncarbon, nonfossil fuel investments. There are many definitions of socialism, but its essence always is government, meaning political, allocation of capital.
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She currently serves on the advisory board of the Opportunity & Inclusive Growth Institute at the Minneapolis Fed. That is the same entity that Sen. Pat Toomey (R-PA) has accused of creating work “heavily laden with political and value judgments” and engaging in “political advocacy” that has no place at the Fed.
“The Minneapolis Fed increasingly has focused on politically-charged causes, like racial justice activism, that are wholly unrelated to the Federal Reserve’s statutory mandate,” Toomey declared in a 2021 letter. He stated that many of the Minneapolis Fed’s works and publications are “extremely political in nature and fall well outside the mission and expertise of the Federal Reserve.”
Biden has lavished praise on Cook as a “talented economist with decades of experience working on a broad range of economic issues.” He contends that Cook “will bring much-needed expertise, judgment, and leadership to the Federal Reserve while at the same time bringing a diversity of thought and perspective never seen before on the Board of Governors.”
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