The US Senate has voted to give Lisa Cook a 14 year term at the Fed

Lisa Cook has been confirmed as a Federal Reserve Governor.

Background to the Federal Reserve Board of Governors, the governing body that oversees the Federal Reserve System, the US central bank.

  • The Board is composed of seven members
  • Members are by the US President and confirmed by the Senate
  • Each member serves a 14-year term
  • Terms are staggered so that one expires every two years
  • The Chair and Vice Chair serve four-year terms and can be reappointed
  • Each member of The Board of Governors participates in Federal Open Market Committee (FOMC) meetings.
    • The FOMC is made up of the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining 11 Reserve Bank presidents, who serve on a rotating basis.

This article was written by Eamonn Sheridan at Source