President Biden today chose financial experts Philip Jefferson to work as vice chairman and Adriana Kugler to work as a member of the Federal Reserve board. Biden likewise revealed that he will renominate Lisa Cook for an extra term on the board.
Jefferson is presently a member of the Fed board, having actually been chosen by Biden in 2015 to fill an unexpired term ending in 2036. He most just recently was VP for scholastic affairs and dean of professors and the Paul B. Freeland Professor of Economics at Davidson College. Kugler is presently executive director at the World Bank Group and a teacher of public law and economics at Georgetown University. Cook has actually belonged to the Fed board because 2022.
In a declaration, American Bankers Association President and CEO Rob Nichols praised Jefferson and Kugler on their elections. “Both nominees would bring significant experience and valuable perspective to their new roles on the board, which we have long believed benefits from having governors with diverse backgrounds and viewpoints,” he stated. “We look forward to learning more about their views on monetary and regulatory policy as the confirmation process moves forward.”
