WHAT THEY ARE SAYING: Bipartisan Leaders Applaud President Biden’s Nominations for Federal Reserve Board of Governors

On Friday, President Biden was proud to announce his nomination of Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Board of Governors of the Federal Reserve System. Dr. Jefferson and Dr. Cook will continue to bring valuable insight, expertise, and continuity to the Fed at a critical time for our economy and families across the country.

The President also announced that he will renominate Dr. Lisa Cook, who the Senate just confirmed last year, for an additional full term as a Member. Dr. Kugler is a highly qualified and respected economist with deep expertise in labor markets, worker mobility, and youth employment.

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. The President is confident these nominees will help build upon the historically strong economic recovery we have had under his Administration.

See below for what they are saying:

Ohio Senator Sherrod Brown, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs: “These historic nominees have built their careers by putting workers and communities at the center of our economy. Like so many of the public servants we’ve confirmed to lead our economy over the last two years, Dr. Jefferson, Dr. Cook, and Dr. Kugler – who would be the first Latina to sit on the Fed – reflect the vibrant diversity of our country, and the people who make it work,” said Brown. “I look forward to working with my colleagues to confirm these nominees quickly.” [Statement, 5/12/23]

New Jersey Senator Bob Menendez: “For years, I have been a fierce advocate for greater diversity and inclusion in every industry and across the federal government — including at the Federal Reserve. I have fought to ensure that institutions like the Federal Reserve better reflect America with the goal of effectuating policies to encourage broad based economic growth for all communities. By elevating Philip Jefferson to serve as Vice Chair, re-nominating Lisa Cook to the Board of Governors, and nominating Adriana Kugler as the first Hispanic to ever serve on the Board of Governors, President Biden is signaling that the hopes and dreams of Black and Latino Americans are central to the promise of America. Simply put, we are witnessing history unfold in real time. With today’s announcement, we are ushering in a new chapter at the Federal Reserve, which for 109 years has never had Latinos or Latinas in the upper echelons of its leadership. We are finally giving Latinos, all 62 million of us who call this country home, a seat at the table where the most consequential decisions on monetary policy are made, and I for one will make it my personal mission to help ensure swift confirmations for Jefferson, Cook, and Kugler.” [Statement, 5/12/23]

Nevada Senator Catherine Cortez Masto: “Adriana Kugler’s nomination to serve on the Federal Reserve Board of Governors is historic. In its 109-year history, there has never been a Latina at the leadership table. I look forward to supporting her confirmation and hope the Senate will do so swiftly.” [Tweet, 5/12,23]

North Carolina Representative Patrick McHenry, Chairman of the House Financial Services Committee: “These nominees are seasoned economists with the capacity to contribute meaningfully to the work of the Federal Reserve Board,” said Chairman McHenry. “Should they be confirmed to these roles, I urge them to maintain strict impartiality and remain laser focused on reining in inflation. Under no circumstances should partisan politics influence the Federal Reserve Board’s decision making. As with all of President Biden’s appointees to the Federal Reserve, Republicans on the House Financial Services Committee will hold Mr. Jefferson, Ms. Cook, and Ms. Kugler to account to ensure that the Fed is focused squarely on its statutory mandate, rather than engaging in fiscal or social policymaking, which is the purview of Congress.” [Statement, 5/12/23]

Congressional Hispanic Caucus: “Dr. Kugler is a highly qualified candidate with extensive experience as the Chief Economist for the Department of Labor under President Obama, the United States Executive Director of the International Bank for Reconstruction and Development, and as the US representative to the World Bank. […] We commend President Biden for recognizing the importance of Latino representation at all levels of government, and we urge the Senate to move swiftly to confirm her. ¡Felicidades!” [Statement, 5/12/23]

Congressional Black Caucus: “The CBC applauds @POTUS for the historic nominations of Dr. Philip Jefferson, Dr. Lisa Cook and Dr. Adriana Kugler to the Federal Reserve Board of Governors.” [Tweet, 5/12/23]

Texas Representative Joaquin Castro: “@Adriana_Kugler is a world-renowned economist with extensive experience in domestic & international finance. She will be a powerful voice for inclusive growth at the @FederalReserve. Congratulations to Dr. Kugler on her nomination to serve as the first Latina on the Fed Board!” [Tweet, 5/12,23]

National Hispanic Caucus of State Legislators: “We look forward to having Adriana Kugler serving as the 1st Hispanic in the Federal Reserve Board of Governors’ 109-year history, because we hope that she can channel the experiences and needs of our communities, making sure that full employment is as important (or more) than inflation.” [Tweet, 5/12/23]

National Association of Latino Elected Officials: “Congratulations to Dr. @adriana_kugler on her nomination to serve on the @federalreserve’s Board of Governors! Dr. Kugler is a highly qualified leader &, if confirmed, would be the first Latina to serve in this role. We look forward to her confirmation.” [Tweet, 5/15/23]

Spencer Overton, President, Joint Center for Political and Economic Studies: “Thanks to President Biden’s nominations today, the Fed will be stronger and better equipped to curb inflation and maximize employment. The expertise and experience of these exceptional economists will be invaluable to the Fed in ensuring all Americans are considered when determining monetary policy. Dr. Cook’s groundbreaking macroeconomic research, Dr. Jefferson’s rigorous research on monetary policy’s impact on the labor market and inequality, and Dr. Kugler’s extensive work in the Obama Administration on government benefits to serve underserved communities are all essential to our economic recovery. These experiences deepen the Fed’s ability to consider the impact of its decisions on communities that are more adversely affected by inflation and often experience higher unemployment rates. While there is more work to be done in diversifying economic appointments, President Biden’s nominations today represent a historic step in maximizing economic growth by building an economy that works for all Americans. We are appreciative of President Biden, Senate Majority Leader Charles Schumer (D-NY), and Senate Banking Committee Chair Sherrod Brown (D-OH) for their leadership in the nominations of these outstanding candidates to serve on the Federal Reserve Board.” [Statement, 5/12/23]

Jason Furman, Former Chairman of the Council of Economic Advisors: “Great nominations to the Federal Reserve Board. Philip Jefferson has a broad & insightful perspective on monetary issues that will make him an excellent Vice Chair. I learned a lot about labor markets from Adriana Kugler when we worked together in the Obama administration. And Lisa Cook has been an terrific part of the board.” [Tweet, 5/12/2023]

Department of Economics at the University of California, Berkeley: “Historic nominations announced by President Biden to the Board of Governors: Alumna Dr. Adriana Kugler is nominated to the Board of Governors; Governor Philip Jefferson is elevated to the No. 2 role; and alumna Governor Lisa Cook is renominated for another full term.” [Tweet, 5/12/23]

Chris Marsicano, Economist, Davidson College: “Congrats to former @DavidsonCollege VP of Academic Affairs Philip Jefferson on his nomination by @POTUS for the Fed’s No. 2 job! He is an honorable man and a steady pair of hands in an uncertain time.” [Tweet, 5/12/23]

Seth Harris, Economist, Northeastern University: “I am immensely proud of my friend @Adriana_Kugler as she is nominated to serve on @federalreserve board. She has been simply outstanding representing the US at the World Bank. She will make history and a huge contribution at the Fed. Great choice @POTUS.” [Tweet, 5/12/23]

Janet Murguía, President & CEO, Unidos US: “@JMurguia_Unidos We applaud this historic nomination by @POTUS. Dr. Kugler is a highly respected economist & an exceptional choice who will bring extensive experience, expertise, and a new perspective to the @federalreserve. Thank you @SenatorMenendez for your leadership!” [Tweet, 5/12/23]

Latino Victory: “We commend @POTUS for his historic nomination of Adriana Kugler for a seat on the Federal Reserve Board. If confirmed by the Senate, Adriana would become the first Latina at the central bank in its 109-year history.” [Tweet, 5/12/23]

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