President Biden has announced that he will nominate Federal Reserve Board member Jefferson as vice chairman and economist Adriana Coogler as a board member. If Coogler is confirmed by the Senate, she will become the first Latino policymaker in the Federal Reserve’s nearly 109-year history.
Adriana Coogler
Photographer: Marcelo Bartolome/World Economic Forum
If Coogler, 53, takes office, he will fill the vacancy left by former Fed Vice Chairman Brian Brainard. Jefferson, 61, will be promoted from director to vice chair.
Biden to Make Three Nominations to the Fed
The president will pick Fed Governor Philip Jefferson for promotion to vice chair, nominate Adriana Kugler to an open seat and renominate Lisa Cook
Source: Federal Reserve; Photographers: Getty Images
Senator Menendez and other Democrats have urged President Biden to appoint Latinos to senior Fed officials, and the nomination is in line with those demands.
Biden also said he intends to reappoint Lisa Cook, who was elected to the Fed’s board last year. His term of office is 14 years. Cook’s current term expires in January next year.
Biden has made diversity a priority in nominations to the Fed’s governors, and if Coogler is confirmed, the board will be even more diverse. Jefferson is the fourth black male governor in the history of the Federal Reserve and the second black man to serve as vice chairman, after Roger Ferguson.
Coogler’s term of office, if approved, will run until January 2026.
Original title:Biden to Nominate Kugler to Fed Post, First Latina on Board (1)(excerpt)
(Add details and update from the third paragraph)
2023-05-12 15:21:00
#Biden #nominate #Coogler #Fed #board #Latino
