The Senate voted Tuesday to advance the nomination of economist Lisa Cook for a seat on the Federal Reserve’s board, a procedural step required before the full chamber can vote on whether to confirm her for the post
The Federal Reserve's main tool for managing the economy is to change the federal funds rate, which can affect not only borrowing costs for consumers but also shape broader decisions by companies like how many people to hire.
WSJ explains how the Fed manipulates this one rate to guide the entire economy. Illustration: Jacob Reynolds.at Michigan State University, received a tie vote in the Senate Banking Committee earlier this month, with all 12 Democrats on the panel backing her nomination and all 12 Republicans opposed.
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