Washington-Biden announced on Friday that he would nominate Adriana Coogler to a seat on the Federal Reserve Board and promote current Governor Philip Jefferson to Central Bank Vice Chairman.
If approved by the Senate, the Fed would have its first Latino governor and second black vice chairman, which would increase the diversity of the Fed and its leadership team in an economically difficult time. may strengthen.
Biden has appointed Kugler, a Colombian economist with a background in labor economics and World Bank U.S. Managing Director, to the only remaining vacant position on the Federal Reserve’s seven-member board. I chose. In a corresponding move, the Fed promoted Jefferson, an economist who had been overwhelmingly approved for the board when Mr. Biden nominated him as president, to vice chairman.
The New York Times previously reported on the likely nomination.
Rael Brainard, who was appointed Biden’s White House National Economic Council chairman earlier this year, served as Fed vice chairman until February.
Since the Fed’s vice chairman is chosen from among seven governors, Brainard’s resignation left both the governor’s seat and the vice chairman’s seat vacant. Kugler will fill a vacant seat on the board, and Jefferson, who is already on the Fed’s board, will be promoted to a leadership position.
The Biden administration had to balance a complex set of priorities to fill the vacancy at the Fed, the world’s most powerful central bank. The administration has come under pressure, particularly from New Jersey Democratic Senator Bob Menendez, to appoint Latinos or Latinos to the Fed’s board of directors. And the Fed itself is at an unusually difficult crossroads. The Fed is trying to contain rapid inflation with its most aggressive policy campaign since the 1980s, which could come at a huge cost to the job market.
Biden also announced that he would reappoint incumbent Fed governor Lisa Cook, whose term ends early next year, to a 14-year term.
In a statement announcing the selection, Mr Biden said, “These candidates are not partisan in this job and will play a key role in pursuing maximum employment, maintaining price stability, and overseeing many of our nation’s financial institutions. I understand that,” he said.
No Latino has served on the Fed’s board of directors in its more than 109-year history, and if confirmed, Kugler’s nomination would be the first. They will also be joined by an official with extensive experience in labor economics, Ms. Coogler, a former economist and administrator. Georgetown UniversityFrom 2011 to 2013, he served as chief economist for the Labor Department in the Obama administration.
She has worked in economics at the University of Houston and Pompeu Fabra University in Barcelona, and holds a PhD from the University of California, Berkeley.
In a statement on Friday, Menendez praised the decision and said he would support the candidate.
“Personally, I will make it my personal mission to help ensure rapid confirmation of Mr. Jefferson, Mr. Cook, and Mr. Coogler,” he said.
Jefferson appointed to the Fed last Mayis an economist, most recently an administrator at Davidson College and holds a PhD in economics from the University of Virginia. During his tenure at the Fed, he took an interest in employee economic research and developed a reputation as an inquisitive listener.
Jefferson was born in a neighborhood called Kingman Park in Washington, DC. At the hearing to confirm his appointment as Fed Governor, he remembered that In his youth, it was “a place where the line between future success and struggle was thin.”
If approved, he would be the second black person to hold such a high position at the Fed, after economist and executive Roger W. Ferguson Jr.
