White House Close to Tapping Philip Jefferson for Fed Vice Chair, Adriana Kugler for Board

The White House is close to nominating Federal Reserve governor Philip Jefferson as the central bank’s second-in-command and Adriana Kugler to a vacancy on the Fed’s board

WASHINGTON—President Biden is close to nominating Federal Reserve governor Philip Jefferson to serve as the central bank’s second-in-command and Adriana Kugler, an economist and top World Bank official, to fill a vacancy on the Fed’s board, according to people familiar with the matter.

If confirmed, Ms. Kugler, a Colombian-American economist who now serves as the U.S. executive director at the World Bank, would be the first Latino to serve on the board. Mr. Jefferson would be the Fed’s second Black vice chair. Mr. Biden faced pressure from Sen. Robert Menendez , a senior member of the Senate Banking Committee, to nominate a Latino economist to the central bank, which has never had a Latino serve as a Fed governor or Fed president.

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