Garden State Times

WASHINGTON, D.C. – U.S. Senators Bob Menendez (D-N.J.), a senior member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, today delivered introductory remarks during the historic nomination hearing of Dr. Adriana Kugler, a highly qualified economist and the first Hispanic-American ever nominated to serve on the Federal Reserve Board of Governors. She appeared alongside Governor Philip Jefferson, only the second African-American nominated to serve as the Federal Reserve’s Vice Chair, and Governor Lisa Cook, the first Black woman ever to serve on the Federal Reserve Board of Governors. 

https://youtu.be/fDPpu-PrTGc

[CLICK HERE TO LISTEN TO THE SENATOR’S FULL REMARKS]

President Biden nominated Dr. Kugler after years of Sen. Menendez advocating for a Latino or Latina to be nominated to the Federal Reserve Board of Governors. With Dr. Kugler’s confirmation, a new chapter will begin at the Federal Reserve, which for nearly 110 years has never had Latinos or Latinas in the upper echelons of its leadership. Dr. Kugler’s confirmation would finally give the more than 62 million Latinos, who contribute nearly $3 trillion in GDP to the national economy, a voice at the institution that makes the most consequential decisions about monetary policy.

Below are the Senator’s remarks as prepared:

Thank you, Chairman Brown and Ranking Member Scott for the opportunity to say a few words before this historic hearing.

Today, we have before us three exceptionally qualified nominees to serve on the Federal Reserve: Dr. Jefferson, Dr. Cook, and Dr. Kugler.

For a moment though, I’d like to touch on Dr. Kugler’s nomination and the personal significance it holds for me.

In her appearance today, I see the story of my mother —Evangelina Menendez.

70 years ago, my mother convinced my father to leave behind the only life they had ever known in Cuba.

They arrived, like so many before them, as immigrants on unfamiliar shores reaching for the American Dream.

Every day, my mother worked long hours as a seamstress in a factory — always striving to provide for her three children.

She is the reason I sit in this chair as a United States Senator.

Because of the sacrifices she made as a fierce Latina who loved our country — and its promise — in the way that only an immigrant can.

Today, Dr. Kugler sits in her chair as a first-generation American as well.

What a shining testament to power of the American Dream.

Only in America are our stories even possible — which is why, for 30 years in Congress, I have pushed for greater representation — in every industry and at every level.

To me, creating more stories like ours is part and parcel of creating a more perfect union.

Earlier this year, I made the case to the Biden Administration that this nomination is a golden opportunity to send a clear and powerful message: That the hopes and dreams of Latinos are central to the promise of America.

Today, Dr. Kugler makes history as the first person of Latino descent ever nominated to serve on the Federal Reserve.

It’s a remarkable accomplishment and I want to recognize all she has done to earn it.

Dr. Kugler is a former chief economist of the Department of Labor and now serves as U.S. Executive Director at the World Bank.

She brings both a domestic and international perspective at a time when the global economy has never been more connected.

She’s conducted invaluable research on labor markets, unemployment, and productivity — all of which are central to the Federal Reserve’s dual mandate.

And because of her work and her reputation, she has earned the endorsement 33 of her peer economists from across the political spectrum who call her “a brilliant, objective economist who takes an evidence-based approach to decision-making and is an expert in policy evaluation.”

In short, she is eminently qualified for the position she’s been nominated for.

And because of her unwavering work ethic, her commitment to public service, and her sterling credentials, we are able to hold today’s hearing which is more than a century in the making.

That’s right — in the 110-year history of the Federal Reserve, there has never been Member of the Board of Governors who has the lived experience of being Latino in America.

Not once.

And so today, we are taking momentous steps and are writing history in real time.

I want to thank Dr. Kugler for appearing before this committee and I want to thank my colleagues for giving me this opportunity to speak from the heart about what her nomination means for the 62 million Latinos who call America home. 

Simply put, we see ourselves reflected in this historic nomination and while she may be the first one of us nominated and hopefully confirmed, we certainly don't expect her to be the last. 

Thank you, Mr. Chairman.

Original source can be found here.