President Biden today nominated economists Philip Jefferson to serve as vice chairman and Adriana Kugler to serve as a member of the Federal Reserve board. Biden also announced that he will renominate Lisa Cook for an additional term on the board.
Jefferson is currently a member of the Fed board, having been nominated by Biden last year to fill an unexpired term ending in 2036. He most recently was VP for academic affairs and dean of faculty and the Paul B. Freeland Professor of Economics at Davidson College. Kugler is currently executive director at the World Bank Group and a professor of public policy and economics at Georgetown University. Cook has been a member of the Fed board since 2022.
In a statement, American Bankers Association President and CEO Rob Nichols congratulated Jefferson and Kugler on their nominations. “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 said. “We look forward to learning more about their views on monetary and regulatory policy as the confirmation process moves forward.”
