New York
Jan9 News
—
President Joe Biden on Friday nominated economist and World Bank official Adriana Kugler to join the Federal Reserve’s powerful Board of Governors and Philip Jefferson to be the central bank’s vice chair.
If confirmed, Kugler, a Colombian-American, would be the first Latino to serve on the Fed board, marking the latest effort by Biden to improve the central bank’s diversity.
Biden, who has been under pressure from New Jersey Democratic Sen. Bob Menendez to name a Latino to the Fed, praised Kugler in a statement as a “highly qualified and respected economist with deep expertise in labor markets.”
Jefferson, who joined the Fed as a governor a year ago, has been tapped by Biden to the influential role of vice chair, serving as the No. 2 official behind Fed Chairman Jerome Powell.
Biden also announced he will renominate Lisa Cook, the first Black woman to serve at the Fed, to an additional full term as Fed governor. Last year, the Senate confirmed Cook to a term that expires in January.
“These nominees understand that this job is not a partisan one, but one that plays a critical role in pursuing maximum employment, maintaining price stability and supervising many of our nation’s financial institutions,” Biden said.
Last year, Kugler was confirmed with bipartisan support to serve as the US executive director to the World Bank. Her name has been mentioned in media reports as a candidate to fill the open seat at the Fed created when Lael Brainard stepped down as vice chair to become director of the National Economic Council.
Kugler, who is currently on leave from Georgetown University, previously worked in the Obama administration as the Labor Department’s chief economist.
#Biden #nominates #Latino #Federal #Reserve
