The United States Senate on Thursday confirmed Adriana Kugler for an executive position at the Federal Reserve (Fed, central bank), becoming the first Latino American to serve on the institution’s seven-member governing body in 110-year history.
Chairman Joe Biden has selected Kugler, a former World Bank CEO, to fill the vacant seat on the Fed’s board of governors after former vice chairman Lael Brainard took over as chair of the board of governors in February.
Chairman Joe Biden has chosen Kugler, a former World Bank chief executive, to fill the vacant seat on the Fed’s Board of Governors after former Vice Chairman Lael Brainard left the National Economic Council’s leadership in February.
Kugler’s appointment completes the Fed’s board after Wednesday’s confirmation of Philip Jefferson for the number two vacancy at the Federal Reserve and Lisa Cook for a full 14-year term as governor.
“I applaud the Senate for confirming, on a bipartisan basis, my excellently qualified candidates for the Federal Reserve Board of Governors,” Biden said in a statement.
“With these top economists confirmed at the Fed, the American people can rest assured that the Federal Reserve’s important job remains in good hands and (the institution) will continue to work for them and not for a partisan agenda,” he added.
As a member of the Fed’s Board, Kugler will have standing voting rights at meetings of the Fed’s Monetary Policy Committee (FOMC), which sets interest rates, and at other Federal Reserve management activities.
“Kugler’s confirmation would finally give the more than 62 million Latinos who call this country home a seat at the table where key monetary policy decisions are made,” Democratic Senator Bob Menendez said in a pre-election statement.