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Statement on Nomination of Lisa D. Cook

Michigan Business Network
January 18, 2022 1:00 PM

Economist, MSU professor would be first Black woman to serve on Federal Reserve Board of Governors   

LANSING, Mich.—Governor Gretchen Whitmer issued the following statement after President Biden nominated Lisa Cook, an economist, and MSU professor, to serve on the Federal Reserve Board of Governors.  

“Lisa Cook is one of the preeminent economists in the country, an esteemed Spartan professor, and mentor to countless young women. I am thrilled that President Biden has nominated her to serve on the Federal Reserve Board of Governors. If confirmed, she would be the first Black woman on the board, tasked with implementing the monetary policy of the United States. Michigan is proud to see her get nominated to such a notable post where she will help grow the economy, tackle rising costs, support the creation of good-paying jobs, and look out for working families.”  

Lisa Cook is a professor of economics and international relations at Michigan State University and serves on the steering committee of the Center for Equitable Growth, a think tank. Previously, she served as a senior economist in the Obama administration’s Council of Economic Advisors. She received her PhD in Economics from the University of California, Berkeley. 

Senator Stabenow Statement on Dr. Lisa Cook Nomination to Serve on the Federal Reserve Board of Governors 

WASHINGTON—Senator Debbie Stabenow released the following statement on President Biden’s nomination of Dr. Lisa Cook to serve on the Board of Governors of the Federal Reserve System. If confirmed, Dr. Cook will be the first Black woman to serve on the Board. 

“Dr. Lisa Cook is the right person at the right time to serve at the Federal Reserve. I’m glad President Biden recognized this. Her nomination comes at a moment when the Federal Reserve needs the best and the brightest to help us recover from the COVID-19 pandemic. Dr. Cook’s perspective and experience is unmatched and will be instrumental in our nation’s recovery. Her nomination is also historic, as she will be the first Black woman to serve on the Board. I’m so proud to see Michigan’s diversity and excellence be represented at the Federal Reserve. I look forward to supporting her confirmation.”

 Lisa D. Cook is a Professor of Economics and International Relations at Michigan State University. She was the first Marshall Scholar from Spelman College and received a second B.A. in Philosophy, Politics, and Economics from Oxford University. She earned a Ph.D. in economics from the University of California, Berkeley with fields in macroeconomics and international economics. She was an adjunct professor at Harvard University’s Kennedy School of Government, Deputy Director for Africa Research at the Center for International Development at Harvard University, and a National Fellow at Stanford University. Among her current research interests are economic growth and development, innovation, financial institutions and markets, and economic history. Dr. Cook is a Research Associate at the National Bureau of Economic Research and is the author of a number of published articles, book chapters, and working papers. She is also on the Board of Editors of the Journal of Economic Literature. She also served at the White House Council of Economic Advisers under President Obama and also had visiting appointments at the National Bureau of Economic Research, the University of Michigan, and the Federal Reserve Banks of New York, Chicago, Minneapolis, and Philadelphia. She serves on the Advisory Boards of the Federal Reserve Bank of Chicago (Academic Advisory Council).  

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100K Ideas of Flint Receives Grant

Michigan Business Network
January 18, 2022 12:00 PM

100K Ideas receives$35,000 grant to support their work to 
help innovators take their businesses from idea to market. 

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Treasury: Administration, Fiscal Agencies Reach Consensus on Revenue Estimates

Michigan Business Network
January 18, 2022 11:00 AM

Revenues Up from May Forecast due to Federal Stimulus

LANSING, Mich. – State Treasurer Rachael Eubanks, Senate Fiscal Agency Director Kathryn Summers and House Fiscal Agency Director Mary Ann Cleary today reached consensus on revised economic and revenue figures for the remainder of Fiscal Year (FY) 2022 and for the upcoming 2023 and 2024 fiscal years.

Overall Revenue Forecast (General Fund and School Aid Fund Combined)

May 2021

January 2022

Change fromMay to January

FY 2022

$26.80 billion

$28.53 billion

$1.72 billion

FY 2023

$27.70 billion

$29.14 billion

$1.40 billion

General Fund

May 2021

January 2022

Change fromMay to January

FY 2022

$11.67 billion

$12.45 billion

$776.6 million

FY 2023

$12.27 billion

$12.89 billion

$621.4 million

School Aid Fund

May 2021

January 2022

Change fromMay to January

FY 2022

$15.13 billion

$16.08 billion

$947.2 million

FY 2023

$15.43 billion

$16.25 billion

$819.0 million

In addition to FY 2022 and FY 2023 forecasts, initial revenue estimates for FY 2024 were released.

General Fund

School Aid Fund

Overall

FY 2024

$13.31 billion

$16.56 billion

$29.87 billion

“Revenue growth continues to be strong as the economy recovers,” State Treasurer Rachael Eubanks said. “We are also still seeing the positive impacts of the federal stimulus programs. We expect growth rates to return to more typical levels as the support of the stimulus fades.”

These revenue estimates are based on the most recent economic projections and forecasting models. As with any economic and revenue forecast, there are potential risks to the estimates agreed to today, including further COVID-19 outbreaks, unexpected changes in the national economy, and international economic issues.

“Michiganders can be excited about the economic picture that was presented today and about the revenues we have available to us to build the budget, especially when you consider it was just under two years ago when the revenue estimates did not look good during those early days of the pandemic," State Budget Director Christopher Harkins said.  "I do want to remind everyone, however, that much of this revenue is one-time in nature and should be used for one-time investments that keep our budget in balance for the long term.  I am remaining mindful of the fact that revenues can still fluctuate and change quickly during a pandemic."

FY 2022 spans from Oct. 1, 2021, to Sept. 30, 2022, while FY 2023 spans from Oct. 1, 2022, to Sept. 30, 2023. FY 2024 begins on Oct. 1, 2023.

The January Consensus Revenue Estimating Conference’s detailed forecast – as well as presentations from today’s session – can be found at Michigan.gov/CREC.

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Automation Alley | Global Economic Outlook is Tomorrow

Michigan Business Network
January 18, 2022 10:00 AM

Event is this Wednesday, and MBN's Chris Holman will present the Michigan Future Business index at this event.

This year Automation Alley is looking forward to providing you with the knowledge necessary to navigate the road ahead. As such, we're starting off this year with our annual Global Economic Outlook on Jan 19.

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Governor Whitmer Announces Biggest Ever Investment in Michigan’s Bridges

Michigan Business Network
January 18, 2022 9:00 AM

Expected $563.1 million over five years will improve commutes, keep families safer on the road, support thousands of good-paying jobs   

LANSING, Mich. – Today, Governor Gretchen Whitmer announced that the State of Michigan is expected to receive $563.1 million over five years to build, repair, or replace bridges.

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GR Public Schools Event Aims to Attract More Locally-Owned Vendors

Michigan Business Network
January 18, 2022 8:00 AM

Grand Rapids Public Schools hosting event aimed at attracting more locally owned service providers

January 20 virtual events to help companies understand how to become a vendor of school district

(GRAND RAPIDS, MI) – Grand Rapids Public Schools is hosting a virtual vendor informational event on Thursday, January 20 from 10:00-11:00 a.m. and then again from 6:00-7:00 p.m. designed to help vendors understand how to do business with Grand Rapids Public School District. Our intent is to promote goodwill, communicate with the business community and offer general guidance for business partnerships with the District.

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Early Childhood Investment Corporation Announces Community Investments

Michigan Business Network
January 18, 2022 7:00 AM

Lansing, MI – The Early Childhood Investment Corporation (ECIC), a statewide organization serving all 83 counties in Michigan, proudly announces nearly $160,000 in funding for 16 communities as part of the Think Babies Michigan initiative, made possible by a generous investment from The MolinaCares Accord (“MolinaCares”), in collaboration with Molina Healthcare of Michigan, and the Pritzker Children’s Initiative.

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Cinnaire | Save the Date – Dr. Martin Luther King Jr. Commission of Mid-Michigan 2022 MLK Day of Celebration

Michigan Business Network
January 17, 2022 6:00 PM

The Dr. Martin Luther King Jr. Commission of Mid-Michigan will host the 37th Annual Dr. Martin Luther King Jr. Day of Celebration virtually on WILX-10 on Monday, January 17th, at 7:00 p.m. Cinnaire has been a longtime supporter of the Mid-Michigan MLK Commission, a nonprofit dedicated to preserving the legacy and teachings of Dr. King, supporting community agencies, and empowering youth to achieve educational outcomes.

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Stabenow, Peters Announce Historic $563.1 Million Investment to Fix Michigan Bridges

Michigan Business Network
January 17, 2022 5:00 PM

Funding Made Possible by the Infrastructure Investment and Jobs Act Signed into Law Last Year

WASHINGTON — Senator Debbie Stabenow and Senator Gary Peters today announced that Michigan will receive $563.1 million from the Infrastructure Investment and Jobs Act to fix our crumbling and unsafe bridges across the state. The Act was signed into law on November 15, 2021, and includes the largest investment ever made to repair our bridges.

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MEDC | Michigan Shows Continued Progress, Optimism in Economic Growth

Michigan Business Network
January 17, 2022 4:00 PM

Michigan’s business leaders and workforce continue to feel increasingly optimistic about the state’s economic outlook and business-friendly environment, according to results from the 10th annual Michigan Economic Outlook Survey unveiled at this past Thursday’s meeting of the Detroit Economic Club.

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