Biden: Fed Nominees Understand Job Is Not A Partisan One

President Biden has issued a statement on his nominations of Philip Jefferson for Fed Vice Chair, Adriana Kugler to the Fed board, and the re-nomination of Lisa Cook for a full term on the Fed board.

• Biden: "These nominees understand that this job is not a partisan one, but one that plays a critical role in pursuing maximum employment, maintaining price stability, and supervising many of our nation’s financial institutions."
• Bloomberg reports that Jefferson is expected to "share the consensus view" of the committee and "amplify" Chair Jerome Powell's view that quelling inflation is the primary objective of the Fed.
• BBG notes that Kugler, a former Chief Economist at the Labor Department during the Obama administration and currently the US representative to the World Bank, may be more inclined to lean on the Dovish side, especially considering she would fill the seat of Lael Brainard who is now Director of the NEC.
• The nominees will be subject to confirmation from the full Senate, which will be eased by the recent return of Senators Dianne Feinstein (D-CA) and John Fetterman (D-PA) from medical absence.