President Joe Biden has announced his nominees to the Federal Reserve Board of Governors, including one promotion to vice chair, a renomination, and the filling of a vacancy left by former Fed Gov. Lael Brainard who now serves as director of the National Economic Council.
Fed Gov. Philip Jefferson has been nominated to take over as one of the board of governors’ vice chairs, a position previously held by Brainard. Jefferson was confirmed to the board of governors in May 2022, becoming the fourth Black man to serve on the board and the second to serve as its vice chair.
His promotion leaves a vacancy for which Biden has nominated Adriana Kugler, a Colombian-American economist who is currently the U.S. representative to the World Bank. If confirmed by the Senate, Kugler will be the first Latina to serve on the Fed’s board of governors.
Biden has also renominated Lisa Cook for a full term which is set to begin Feb. 1, 2024. Cook was nominated and confirmed to fill an unexpired term which she began in May 2022. Her first nomination and confirmation were contentious, requiring Vice President Kamala Harris’s vote to break a 50-50 tie.
“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,” Biden said when announcing these nominations. “I am confident these nominees will help build upon the historically strong economic recovery we have had under my administration.”