Adriana Kugler plans to go to the Capitol this Wednesday in good company. With her husband of 29 years, Ignacio Donoso, her daughter Miri and her parents, Bernardo and Nelly. Kugler has been proposed by the President of the United States, Joe Biden, to become the first Latina to sit on the board of the Federal Reserve, the central bank of the United States, in its 109-year history. Kugler, 53, will talk about her preparation, but also about her roots: “I am lucky to have lived the American dream,” she will say, according to a preview of her speech released by the Banking Committee of the Senate.
Along with Kugler this Wednesday appear in the commission Philip Jefferson, the fourth black director/governor in the history of the Federal Reserve, proposed to assume the position of vice president and Lisa Cook, who became the first black woman to enter the board and which has now been proposed for a full term. In parallel, the president of the Federal Reserve, Jerome Powell, appears this Wednesday in the House of Representatives and the following day in the Senate, but to talk about the economic situation and monetary policy, as he does twice a year in the Congress.
Of the three appearing for the nomination, the only new face was Kugler, since Jefferson and Cook are already on the council. And the fact of being the first Latina to hold such a position has increased interest. “As a first-generation American and the daughter of Colombian immigrants, I am lucky to have lived the American dream after experiencing poverty and adversity. I have had educational and economic opportunities that my parents and grandparents would never have had, and I have benefited from a social mobility that is only possible in our dynamic American economy”, indicates the Colombian economist at the beginning of the intervention scheduled for this Wednesday.
“My maternal grandfather had to drop out of high school to help his widowed mother raise her five siblings, and my maternal grandmother was orphaned at the age of three in Colombia. My paternal grandparents fled religious persecution and had to restart their lives on a new continent. My parents worked hard every day to make sure that I had every opportunity available to succeed. My family has instilled in me the importance of resilience and an unwavering work ethic, as well as the value of giving back to those less fortunate than oneself.”
Kugler will present his resume to the senators. He will recall that he attended a public high school in Maryland, received a BA from McGill University, and a Ph.D. in economics from UC Berkeley. His areas of specialization are applied econometrics and labor economics. Throughout his 25-year career, he has conducted original research and evidence-based policy analysis on labor markets, unemployment, worker mobility, and firm productivity.
Kugler is Georgetown University professor on leave of absence because she serves as executive director of the World Bank on behalf of the United States. She was appointed by Biden and confirmed by the Senate on April 7, 2022 to that position. She was Vice Chancellor for Faculty at Georgetown from 2013 to 2016. Before that, she served as Chief Economist at the US Department of Labor from 2011 to 2013 during the presidency of Barack Obama.
“If my appointment is confirmed, my extensive experience in the analysis of economic data from the United States will be essential for the performance of my duties at the Federal Reserve and for the adoption of well-informed monetary policy decisions,” reads his speech. “My personal and professional experience makes me understand that high inflation hurts both workers and businesses, and I believe it is important to bring inflation down to the 2% target set by the Federal Reserve, in order to lay a solid foundation to build an economy that supports all Americans”, added Kugler, who met on Tuesday in the Senate with the leader of the Democratic majority, Chuck Schumer.
The Federal Reserve Board of Governors consists of seven members. They have a total term of 14 years, although it is rare that they complete it. Every two years the mandate of one of them begins, proposed by the president and approved by the Senate. The presidents and vice presidents of the Federal Reserve serve a four-year term. They are appointed by the President of the United States from among the councilors. They must also pass the Senate exam.
The Democrats have a majority of 51 to 49 senators, so confirmation of Biden’s proposals should not be a problem. In any case, the senators will subject the nominees to questioning before deciding on their vote. In their initial interventions, the three nominees stick to the manual: they will work to make effective the double mandate of the Federal Reserve to achieve the maximum possible employment with price stability. By the way, after the banking storm of recent months, they will allude to the importance of financial stability.
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