Adriana Kugler, a Columbian-American economist, was confirmed to the Federal Reserve board of governors on Thursday, making her the first Latino to serve in such a capacity. The U.S. Senate approved her nomination with a vote of 53-45, filling the last vacant seat at the Fed.
Kugler's confirmation follows the approval of Gov. Philip Jefferson as the central bank's next vice chair and Gov. Lisa Cook for her second term on the board earlier this week. With Kugler's addition, the Fed now has a full complement of seven governors for the first time since former Vice Chair Lael Brainard resigned in February 2023 to become the director of the National Economic Council.
Kugler, who studied with U.S.Treasury Secretary Janet Yellen's husband, George Akerlof, at the University California, Berkeley, where she received her Ph.D, has strong ties to key figures in U.S economic policy. She previously served as chief economist at the Labor Department during the Obama administration and is currently serving as the U.S. executive director at the World Bank.
Sen. Robert Menendez, a Democrat from New Jersey and a senior member of the Senate Banking Committee, had advocated for Latino representation on the central bank. He welcomed Kugler's nomination stating it demonstrated that "the hopes and dreams of Latinos are central to the promise of America."
Menendez has been a long-standing advocate for Hispanic representation within the Federal Reserve System — either as a member of the Board of Governors in Washington or as president of one of the 12 Federal Reserve banks. He argued that previous lack of representation was an affront to Latino Americans.
The confirmation was largely approved along party lines. However, Sens. Mike Rounds (R-S.D.), Susan Collins (R-Maine), and Lisa Murkowski (R-Alaska) joined the Democratic caucus in supporting Kugler's appointment. Menendez noted that Kugler was "eminently qualified" for the role of Fed governor, with 33 peer economists of various political persuasions endorsing her in a letter to the Senate.
Kugler is eligible to complete the remainder of Brainard's term, which runs until January 31, 2026. The Biden administration, Democrats in Congress, and consumer advocacy groups have lauded this class of Fed nominees for its diversity. Jefferson will become the second Black man to hold the position of Fed vice chair, and Cook becomes the first Black woman to be confirmed to a full 14-year term on the Board of Governors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.