The president of the United States, Joe Biden, has decided to appoint Philip Jefferson, current director of the central bank, vice president of the Federal Reserve, and has chosen the Colombian-American economist Adriana Kugler to fill the vacancy on the board of governors. She will become the first Latina to hold that position in the organization’s 109-year history. Biden signed Lael Brainard, vice chair of the Federal Reserve, in February to lead the White House economic team as director of the National Economic Council.
The proposals must be ratified by the Senate, where the Democratic Party has a majority of 51 to 49 seats, which should not be a problem. The names of Jefferson and Kugler were released Monday by The Wall Street Journal and the news agencies indicate that their nominations will take place this week.
Philip Jefferson took office as a member of the Board of Governors of the Federal Reserve System on May 23, 2022, to fill a term ending January 31, 2036. He was nominated for the position by Biden. Jefferson was Vice President for Academic Affairs, Dean of the College, and the Paul B. Freeland Professor of Economics at Davidson College. He has held other academic positions and previously worked as an economist at the Federal Reserve. He received a BA in Economics from Vassar College and an MS and PhD in Economics from the University of Virginia.
Jefferson, who is the fourth black director/governor in Federal Reserve history, would become the second black vice president, after Roger Ferguson. Biden last year appointed Lisa Cook as a central bank adviser, becoming the first black woman to hold that position.
Kugler, for her part, will become the first Latina to serve on the Board of Governors of the Federal Reserve System. Senator Bob Menendez had complained that no Latino or Latina has ever held that responsibility before and was pushing for a Latino nomination. “Well, in the 109+ year history of the Federal Reserve, we’ve never had a Hispanic,” had recently pointed out. “Having the knowledge of the impact of the Federal Reserve, whether it’s rate hikes, monetary policy or their double duty of full employment, having that voice there is incredibly important. We have other voices there, but we haven’t had our voice. As a growing part of the market and as a growing part of the American population, I think it’s essential. There is no reason why the Administration cannot propose someone qualified,” he added.
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. She was Vice Chancellor for Faculty at Georgetown from 2013-2016. In that role, she led numerous initiatives to clarify promotion and appointment processes and criteria, support faculty development , renew the orientation of the new teaching staff and develop a new framework for non-tenured teaching staff.
Previously, he served as Chief Economist at the United States Department of Labor from 2011 to 2013, during the presidency of Barack Obama. He was active in developing policies and proposals on unemployment insurance, training programs, retirement benefits, overtime pay and minimum wages, immigration, disability insurance, and job security regulations. Before coming to Georgetown, she was a full and associate professor in the economics departments of the University of Houston and the Pompeu Fabra University of Barcelona, shortly after receiving her PhD.
Kugler earned his Ph.D. from the University of California at Berkeley in 1997 and his joint BA in Economics and Political Science with honors from McGill University of Canada in 1991.
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. Currently, Jerome Powell is the president; VP position vacated by Lael Brainard is vacant; Michael Barr is Vice President of Supervision and our other directors are Michelle Bowman, Christopher Waller, Philip Jefferson and Lisa Cook.
Follow all the information of Economy and Business in Facebook and Twitteror in our weekly newsletter
Five Days agenda
The most important economic appointments of the day, with the keys and the context to understand their scope.
RECEIVE IT IN YOUR MAIL
#Biden #Picks #Philip #Jefferson #Vice #President #Federal #Reserve