Kugler confirmed as first Hispanic American on US Fed board

Kugler confirmed as first Hispanic American on US Fed board

Adriana Kugler is the first Hispanic American confirmed to the Fed's governing body in its 110-year history
Adriana Kugler is the first Hispanic American confirmed to the Fed's governing body in its 110-year history. Photo: Drew Angerer / GETTY IMAGES NORTH AMERICA/Getty Images via AFP
Source: AFP

PAY ATTENTION: Watch the hottest celebrity stories on our YouTube channel 'Briefly TV'. Subscribe now!

The US Senate confirmed Adriana Kugler on Thursday to a management position at the Federal Reserve, making her the first Hispanic-American to serve on the seven-person governing body in its 110-year history.

President Joe Biden tapped Kugler, a former World Bank executive director, to fill the vacant position on the Fed's board of governors following former vice chair Lael Brainard's departure in February to head the National Economic Council.

Kugler's appointment fills out the Fed's board, following the confirmations on Wednesday of Philip Jefferson to the vacant number two spot at the US central bank, and Lisa Cook to serve a full 14-year term as governor.

"I applaud the Senate for confirming my superbly qualified nominees to the Federal Reserve Board of Governors on a bipartisan basis," Biden said in a statement.

Read also

Biden bars drilling over vast swath of Alaska

"With the confirmation of these outstanding economists to the Federal Reserve, the American people can be confident that the Fed's important mission remains in good hands, and it will continue working for them, not any partisan agenda," he added.

As a Fed board member, Kugler will have a permanent vote during meetings of the rate-setting Federal Open Market Committee (FOMC), and in other management activities at the US central bank.

As a result, analysts and traders will closely parse future comments made by Kugler for signs of how she is likely to vote at the meetings, which chart the course of US monetary policy.

"Dr. Kugler's confirmation would finally give the more than 62 million Latinos who call this country home a seat at the table where the most consequential decisions on monetary policy are made," Democratic Senator Bob Menendez said in a statement ahead of the vote.

Read also

Britain and France look to reset ties with state visit

The FOMC has voted to raise interest rates 11 times over the last 18 months, lifting its key lending rate to its highest level in more than 20 years to tackle rampant inflation.

Although inflation remains above the Fed's long-run target of two percent, analysts and traders broadly expect the FOMC to hold rates steady at its next meeting on September 19-20 to give policymakers more time to assess the health of the world's largest economy.

"We congratulate Dr. Philip Jefferson on his confirmation as vice chair of the Federal Reserve Board of Governors, Dr. Lisa Cook on her confirmation for a full term and Dr. Adriana Kugler on her confirmation to join the board," American Bankers Association President Rob Nichols said in a statement.

"Each of these appointments is historic in its own right, and all three bring diverse perspectives to the Fed's critically important work," he added.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.