Adriana Kugler Confirmed To Federal Reserve Board Of Governors
The United States Senate has voted 53-45 to confirm US representative to the World Bank Adriana Kugler to the Federal Reserve Board of Governors and finalising the board's seven members, after the confirmations of Philip Jefferson as Fed vice chair and Lisa Cook to a second term as Fed Governor yesterday.
- Senate Majority Leader Chuck Schumer (D-NY) said a short time ago: "I was proud to champion the historic nomination of this Colombian-American economist, who will now serve as the first Latino in the Fed Board’s 109-year history."
- Bloomberg notes Kugler, "replaces the governor slot vacated by Lael Brainard, who left the board to become a top Biden adviser. Kugler has been on leave from Georgetown University, where she has been a professor, and she previously served a stint as the chief economist at the Labor Department during President Barack Obama’s administration."
- During this week's votes, Senate Republicans largely backed Jefferson but opposed Cook and Kugler citing concerns over, "new capital requirements for larger banks being prepared by Vice Chair for Supervision Michael Barr," according to Bloomberg.