US President Joe Biden is considering nominating economist Lisa Cook to the Federal Reserve board, which would make her the first Black woman to serve in the role, according to media reports.

The historic choice of Cook, if confirmed, would continue Biden's efforts to appoint women and minorities to key roles in his administration.

Cook, a University of Michigan professor, would fill an open seat on the seven-member Fed board and would become only the fourth African-American governor of the central bank.

Axios cited people familiar with the issue as saying Biden was considering Cook for the post, while Bloomberg reported that she has the backing of key White House officials, but a decision on the position is not imminent.

Cook, who has expertise in development and has written papers on the racial impacts of economic outcomes, has a doctorate in economics from the University of California, Berkeley and degrees from Oxford University and Spellman College.

Former president Donald Trump attempted to fill the opening with Judy Shelton, a controversial pick opposed by dozens of former Fed officials and other economists due to her unconventional views.