The United States Senate voted Thursday in favor of confirming the World Bank economist Adriana Kugler on the Board of Governors of the Federal Reserve (Fed), the US central bank, where he will help set interest rates for the world’s largest economy.
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The vote was 53 votes in favor and 45 against. Kugler, a Colombian-American whose research has focused on labor markets, is the first Latina nominated for the central bank and with her ratification she becomes the first Latina head of the Federal Reserve in the 109 years of that institution.
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Kugler, a 53-year-old economist, was born in the United States, although he returned to Colombia when he was only two years old and remained in our country until he was 15 years old and traveled back to the United States.
She was nominated by President Joe Biden to be governor of the Federal Reserve (Fed) – US central bank. The US president described her as a highly qualified and experienced professional.
Kugler’s confirmation also comes a day after the Senate confirmed Philip Jefferson as the second black vice president of the Federal Reserve and Lisa Cook, the first black woman on the board, to a full 14-year term.
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This Thursday, after knowing his appointment of the Colombian-American, the White House shared a statement from Biden in this regard. “I applaud the Senate for confirming my superbly qualified candidates for the Federal Reserve Board of Governors on a bipartisan basis,” Biden said.
The US president added: “In the last year, inflation has fallen by around two-thirds, while the job market has remained historically strong, and I am confident that Dr. Jefferson, Dr. Cook and Dr. Kugler will help continue this progress.”
“With the confirmation of these leading economists for the Federal Reserve, the American people can be sure that the important mission of the Federal Reserve remains in good hands, and that it will continue to work for them, not for any partisan program,” Biden concluded. in your statement.
Who is Adriana Kugler?
Kugler’s career is extensive. He was chief economist at the US Department of Labor during the administration of former President Barack Obama. She served on the technical advisory committee for the Bureau of Labor Statistics and as executive director for the United States at the World Bank Group. This added an important trajectory in educational institutions of great prestige in the United States, such as Georgetown University.
Last June, Kugler appeared before the US Senate Committee for a confirmation hearing for his Fed position. From there, highlighted the importance of migration and the American dream of his parents that has allowed him to occupy the most important economic positions in that nation.
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“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 the social mobility that is only possible in our dynamic American economy,” the economist told the Senate, while pledging to share her experience personally and professionally to reduce inflation in the United States and make appropriate decisions on monetary policy.
Kugler, currently the United States representative to the World Bank, replaces Lael Brainard, who left the council to become one of Biden’s top advisers.
In the Federal Reserve’s 109-year history, there’s never been a Latino serving on its Board of Governors.
Today, we made history. Confirming Dr. Adriana Kugler was not just a vote for an exceptional economist but a vote for a more inclusive, diverse, and representative America. pic.twitter.com/lMyMcsrjgl
— Senator Bob Menendez (@SenatorMenendez) September 7, 2023
His appointment follows years of pressure from Democratic Sen. Bob Menendez for President Joe Biden to appoint a Hispanic member to the council.
The New Jersey Democrat has pointed to the contributions Hispanics have made to the economy and argued that they deserve a seat at the table where key decisions are made.
“Adriana Kugler was not just a vote for an exceptional economist, but a vote for a more inclusive, diverse and representative United States,” Senator Bob Menendez wrote on his X account, formerly Twitter, on Thursday.
Senate Majority Leader Chuck Schumer thanked Menendez on the floor for championing Kugler and praised bringing “fresh and diverse perspectives to our nation’s central bank.”
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