They designate the first Latina governor of the Federal Reserve
A Colombian woman makes history as the first Latina governor of the Federal Reserve, approved by the Senate.
The U.S. Senate approved the appointment of Colombian-American economist Adriana Kugler as the governor of the Federal Reserve (Fed) on Thursday, September 7th, the body that oversees the central bank.
The now first Latina governor of the Federal Reserve was nominated last May by President Joe Biden, thus becoming the first Latina to be part of the board that leads the U.S. agency.
The economist garnered the support of 53 out of 100 senators in the Senate, which is controlled by the Democratic Party.
Kugler’s confirmation comes one day after the Senate confirmed Philip Jefferson as the second black vice president of the Fed and Lisa Cook, the first black woman on the board, for a full 14-year term.
Achieving the selection of the first Latina governor of the Federal Reserve followed lobbying by Democratic Senator Bob Menendez for President Joe Biden to appoint a Hispanic member to the Fed board.
first Latina governor of the Federal Reserve
The Democrat from New Jersey highlighted the contributions Hispanics have made to the economy.
“It’s time for Latinos to occupy the highest levels of the Federal Reserve. It’s time to take Latinos seriously as an essential part of the American family and economy,” Menendez said in his statement”
Kugler, the progressive senator noted, is a first-generation American, the daughter of Colombian immigrants, and her experience is a testament to “how the American dream comes true”.
Until now, Kugler served as the Executive Director of the World Bank Group for the United States. She is an expert in labor markets, international economics, and applied econometrics, and has published in leading journals in the field.
In the nearly 110-year history of the Federal Reserve, Menendez reminded, there has never been a Latino on its board of governors.
The Fed’s Board of Governors consists of seven individuals, and their term is 14 years. Every two years, a new term begins, and a person who serves the full term cannot be reappointed.
The Fed is chaired by Jerome Powell, who was nominated by Donald Trump (2017-2021) and subsequently confirmed by Biden.
Throughout her career, Kugler was named Chief Economist of the Department of Labor under the Obama Administration (2009-2017), of which Biden was Vice President, and she has also been a part of the Board on Science, Technology, and Economic Policy of the National Academies of Sciences in the United States.
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Kugler will assume the governor position left vacant by Lael Brainard, who left the board to become one of Biden’s top advisors.
Most Republicans supported Jefferson, but the majority opposed Cook and Kugler.
