Biden will promote Philip Jefferson to vice chair — he would be the second Black person in that post — and nominate Lisa Cook, who last year became the first Black woman on the Fed board, to a full 14-year term.
Kugler, 53, was, tapped to fill a vacancy created whento head Biden’s National Economic Council. Kugler was confirmed last year as U.S. representative to the World Bank in a voice vote. If confirmed to the Fed post, Kugler would serve a term that expires in January 2026.
Flores-Lagunes said the nomination was “fundamental,” calling the lack of Latino representation at the Fed a “glaring aspect of inequality” in the U.S.Latinos are the nation’s largest ethnic or racial minority with 18.9% of the population, yet few ascend to the pinnacle of U.S. corporate power: board member.
The lopsided previous confirmation vote raises the prospect of a relatively smooth path to the vice chair post — though that was effectively a dual-track process in which another candidate, Cook, drew heavy Republican opposition.“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,” Menendez said Friday in a statement.
But Menendez insisted on a Latino candidate, reprising calls made during past vacancies at the Fed’s board and the reserve banks, arguing that the country’s monetary policy making institution should be representative of the overall population, 19% of which is Latino.After a year of rapid interest rate increases to cool inflation, Fed officials this month signaled a willingness to pause and assess the effects of tighter monetary policy on segments of the economy, including the labor market.
Brainard was one of the Fed’s most dovish members, and progressive Democrats have called on the White House to nominate a candidate who would take a similar view and serve as a counter to what they see as Powell’s singular focus on taming prices.
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