The Federal Reserve Board of Governors is now fully staffed with all seven seats filled, following the Senate's confirmation of two more nominees on Wednesday and Thursday. The Senate confirmed Lisa Cook's renomination in a 51-47 vote on Wednesday, and Adriana Kugler's nomination in a 53-45 vote on Thursday.
Lisa Cook, the first Black woman to serve on the Board of Governors of the Federal Reserve System, was originally confirmed to the Fed board in May 2022 to complete a term that expires in January 2024. President Joe Biden nominated her for an additional term on May 12, 2023, which was approved by the Senate Banking Committee on July 12. Her confirmation on Wednesday will see her serve a full 14-year term that expires in 2038. Prior to her current role, Ms. Cook taught economics and international relations at Michigan State University and served as a senior economist on the Council of Economic Advisers under President Barack Obama from 2011 to 2012.
On Thursday, Adriana Kugler was confirmed to fill a board vacancy for a term that expires in 2026. Ms. Kugler currently serves as the U.S. executive director at the World Bank Group and was previously the Labor Department's chief economist under the Obama administration.
Earlier on Wednesday, Philip N. Jefferson was approved as Fed board vice chairman in an 88-10 vote. The three confirmations give the Fed a full complement of board members as it continues its work combating inflation.
The Fed has been actively working to control inflation and has raised the federal funds rate by 525 basis points since March 2022, including a quarter-point rate hike at its July 26 meeting. The federal funds rate now stands at a range of 5.25% to 5.5%, its highest level since 2001. Fed Chairman Jerome H. Powell has signaled that additional hikes might be warranted.
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