U.S. President Joe Biden on Friday nominated Federal Reserve Governor Philip Jefferson to be the central bank's vice chair, a key policy advisory role recently vacated when Lael Brainard took a top position in Biden's White House economics team.
Biden also nominated the World Bank's U.S. executive director, Adriana Kugler, to be a Fed governor, adding a labor economist to the central bank's leadership ranks as policymakers judge how much further to raise interest rates and cool a strong job market that a number of them, including Chair Jerome Powell, see as aggravating inflation.
A Colombian-American, Kugler would be the first-ever Latina on the Fed Board of Governors, addressing the long-standing complaints of Senator Bob Menendez, an influential Democrat who has decried the historic absence of Hispanics in U.S. central bank leadership. Jefferson, 61, would become the second-ever Black vice chair, the prior being Roger Ferguson who held the post roughly two decades ago.
After just over a year of the steepest round of interest-rate hikes in 40 years, the Fed on May 3 nudged its policy rate toand signaled it may be time to take a pause and assess whether any more hikes are needed. Powell is at a "critical juncture," said Andrew Levin, a Dartmouth professor and a special advisor to Janet Yellen when she was Fed vice chair, where some policymakers may want higher rates while others resist. In Jefferson, Levin said, Powell will have a sharp deputy who can both act as a conduit for those disparate voices and help him sort through all of it.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed: Biden nominates Jefferson for Vice Chair and Kugler as governorThe White House announced that President Biden has nominated Philip Jefferson for Vice Chair and Adriana Kugler as a Member on the Board of Governors
Read more »
Fed's Jefferson, Biden's vice chair pick, says Fed 'on track'The Federal Reserve is 'on track' to doing what is necessary to meet the two mandates Congress has given it, Fed Governor Philip Jefferson said on Friday: bring inflation down and enable Americans who want jobs to get them.
Read more »
Biden to nominate economist Adriana Kugler to Fed board, the first Latina in 109 yearsBiden will promote Philip Jefferson to vice chair — he would be the second Black person in that post — and nominate Lisa Cook, who last year became the first Black woman on the Fed board, to a full 14-year term.
Read more »
President Biden announces nominations for key positions at Federal ReserveU.S. President Joe Biden nominated Philip Jefferson as Fed vice chair, Adriana Kugler as a Fed board member, and current Fed governor Lisa Cook for a full term.
Read more »
Biden announces two historic nominations to Fed boardPresident Biden announced two key nominations to the Federal Reserve Board, naming the first Latina governor and second Black vice chair at the central bank.
Read more »