Adriana Kugler has been confirmed as the first Federal Reserve Board governor of
She was
Kugler was the third Fed nominee approved by the Senate this week. On Wednesday, Gov. Philip Jefferson was
Once Kugler is sworn in, the Fed will have a full complement of seven governors for the first time since then-Vice Chair Lael Brainard resigned in February to become the director of the National Economic Council.
Before the Senators cast their votes on Kugler's nomination, Sen. Bob Menendez, D-N.J., noted the historic nature of her nomination and its significance to other Hispanic Americans.
"For my colleagues who will soon cast their votes on her nomination, I'd just like to highlight what this means for the 62 million Latinos who call America home," Menendez said. "Simply put, we see ourselves reflected in her story and her nomination."
Menendez has for years been a
Menendez added that Kugler was "eminently qualified" for the role of Fed governor, noting that 33 peer economists of various political persuasions submitted a letter to the Senate endorsing her.
"In addition to her qualifications and balanced approach to decision making, Dr. Kugler has demonstrated time and time again that she will uphold the Federal Reserve's long legacy of independent decision making," Menendez said. "It is precisely because those decisions affect every community in our country that I'm especially proud that Dr. Kugler will finally bring the lived experience of being Latino in the United States to the Federal Reserve's leadership."
Kugler is an economist by training, holding a Ph.D. in economics from the University of California at Berkeley. She is executive director at the World Bank and served as chief economist for the Labor Department during the Obama administration. She also is a tenured professor of public policy at Georgetown University.
Kugler is eligible to complete the remainder of Brainard's term, which runs until January 31, 2026.
The Biden administration, Democrats in Congress and consumer advocacy groups have lauded this class of Fed nominees for its diversity.
Jefferson will become the second Black man to hold the position of Fed vice chair — following Roger Ferguson, who served in the role from 1999 to 2006 — after enjoying broad bipartisan support on the Senate floor this week. He was confirmed by a vote of 88-10.
Cook, meanwhile, is the first Black woman to be confirmed to a full 14-year term on the Board of Governors. She was confirmed on a narrower margin of 52-45, with Rounds, Collins and Murkowski crossing the aisle in to vote in her favor.
Following Kugler's confirmation, the White House issued a statement attributed to President Joe Biden. In it, he applauded the Senate for confirming his "superbly qualified" nominees. He added that he is confident the three governors will help the Fed advance its effort to combat inflation and stabilize prices.
"With the confirmation of these outstanding economists to the Federal Reserve, the American people can be confident that the Fed's important mission remains in good hands, and it will continue working for them, not any partisan agenda," Biden said.
