Lisa Cook: First black woman on U.S. Federal Reserve Board

Lisa DeNell Cook is a respected American economist and academic who made history in 2022 when she became the first Black woman to serve on the U.S. Federal Reserve Board of Governors.

Before her appointment, she was on the board of the Federal Reserve Bank of Chicago and worked as a research associate at the National Bureau of Economic Research.

She also taught economics and international relations at Michigan State University and held key roles advising governments, including the Obama administration, as well as Nigeria and Rwanda.

Profile summary

Name: Lisa DeNell Cook

Date of birth: 1964

Nationality: American

Education: Cheikh Anta Diop University, Senegal

Religion: Christianity

Career: Economist

Birth

Born in 1964 in Milledgeville, Georgia, into a Christian family that valued education and public service.

Her father, Payton B. Cook, was a Baptist hospital chaplain, while her mother, Mary Murray Cook, was a professor of nursing at Georgia College.

She grew up with her two sisters in the segregated South of the 1960s and 1970s.

Cook’s early years were marked by courage. As a child, she took part in school desegregation in Georgia, where she faced violent attacks from segregationists, leaving her with physical scars that she still bears. Despite these challenges, she excelled in academics.

She is also related to Percy Julian, the pioneering Black chemist who became the first African American to head a major corporate laboratory.

Academic journey

Lisa graduated magna cum laude from Spelman College in 1986 with a degree in Physics and Philosophy, winning the Truman Scholarship.

She went on to Oxford University as Spelman’s first Marshall Scholar, where she earned a degree in Philosophy, Politics, and Economics in 1988.

She later studied at Cheikh Anta Diop University in Senegal before earning her PhD in Economics at the University of California, Berkeley, in 1997, under the supervision of renowned economists Barry Eichengreen and David Romer.

Career highlights

Cook began her academic career as a visiting professor at Harvard University’s Kennedy School of Government and Harvard Business School.

She later served as deputy director of Africa Research at Harvard’s Center for International Development.

She went on to hold advisory roles, including senior adviser on finance and development at the U.S. Treasury Department and research fellowships at Stanford University’s Hoover Institution.

She joined Michigan State University in 2005, where she became a professor of economics and international relations. Her research has covered macroeconomics, international economics, and African-American economic history.

One of her most influential studies shows how racial violence during the Jim Crow era reduced innovation among African Americans, resulting in fewer patents being filed.

Beyond her scholarship, Cook has been a strong mentor, directing the American Economic Association’s summer program for minority students and serving on the association’s executive committee.

She also advised Nigeria on banking reforms and Rwanda on development planning, proving her influence reaches far beyond the U.S.

Appointment

In January 2022, President Joe Biden nominated Cook to the U.S. Federal Reserve Board. After a tough confirmation process, she was confirmed on May 10, 2022, by a narrow Senate vote broken by Vice President Kamala Harris.

She was sworn in on May 23, 2022, making history as the first Black woman on the Fed’s board.

In September 2023, Cook was confirmed again for a full 14-year term, cementing her place in one of the most influential financial roles in the world.

Controversies

In August 2025, Federal Housing Finance Agency director Bill Pulte accused Cook of mortgage fraud, claiming she misrepresented housing records.

Former U.S. President Donald Trump later announced her removal from the Federal Reserve Board, saying her conduct was “deceitful and potentially criminal.”

Cook denied the allegations, calling them politically motivated. She filed a lawsuit, insisting the president had no authority to fire her, as U.S. law states that a Fed governor can only be removed “for cause.”

Her lawyer described Trump’s action as unlawful and an attack on the independence of the central bank.

The controversy sparked strong reactions in the U.S. and globally.

More than 590 economists, including Nobel Prize winners, signed a letter defending Cook and warning that undermining the Fed could erode trust in the institution.

Reuters later published documents showing Cook’s housing records contradicted the fraud claims, with evidence proving she had declared one of the homes in question as a vacation property rather than a primary residence.

Federal courts have since blocked Trump’s move.

On September 9, 2025, Judge Jia M. Cobb ruled in her favor, and on September 15, the U.S. Court of Appeals upheld the decision, allowing Cook to remain on the board and participate in critical policy meetings.

Personal life

Lisa Cook has kept much of her private life away from the public eye.

While she is not widely reported to be married or to have children, she often speaks about her close bond with her parents and sisters, crediting her family for giving her the values of resilience, education, and service.

She has also shared stories about her extended family, including her cousin Percy Julian, whose groundbreaking career inspired her own path in academia and leadership.

Cook has also dedicated much of her personal life to mentoring young scholars, especially women of color, describing this as a personal calling beyond her professional duties.

Net worth

As a senior U.S. Federal Reserve governor, university professor, and researcher, Lisa Cook has built a stable financial career.

Her estimated net worth in 2025 is between $3 million and $5 million, drawn mainly from her academic career, consultancy, advisory roles, speaking engagements, and her position at the Federal Reserve.