Garden State Times

WASHINGTON, D.C. – Tomorrow, June 21 at approximately 9:30 A.M., U.S. Senator Bob Menendez (D-N.J.), a senior member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, will be participating in the historic nomination hearing of Dr. Adriana Kugler, the first Hispanic-American ever nominated to serve on the Federal Reserve Board of Governors. She will appear 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.

President Biden nominated Dr. Kugler, a highly qualified economist and Colombian-American, 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 call this country home a seat at the table where the most consequential decisions on monetary policy are made.

Dr. Kugler’s nomination has been applauded by a wide variety of elected officials, economists, and economics and advocacy organizations:

Members of Congress/Congressional Caucuses

Senate Banking Committee Chairman, Sherrod Brown: “These historic nominees have built their careers by putting workers and communities at the center of our economy. Like so many of the public servants we’ve confirmed to lead our economy over the last two years, Dr. Jefferson, Dr. Cook, and Dr. Kugler – who would be the first Latina to sit on the Fed – reflect the vibrant diversity of our country, and the people who make it work,” said Brown. “I look forward to working with my colleagues to confirm these nominees quickly.” [Statement]

Senator Catherine Cortez Masto: “Adriana Kugler’s nomination to serve on the Federal Reserve Board of Governors is historic. In its 109-year history, there has never been a Latina at the leadership table. I look forward to supporting her confirmation and hope the Senate will do so swiftly.” [Tweet]

Senator Alex Padilla: @POTUS has selected @Adriana_Kugler to serve on the @FederalReserve. If confirmed, she would be the first Latina to serve on the board in its 109-year history. Dr. Kugler will be a powerful force, and I applaud President Biden’s historic selection. [Tweet]

Senator Jack Reed: “Congrats to Dr. Adriana Kugler on historic nomination to serve on @federalreserve. A leading @Georgetown economist & former U.S. Exec Dir. Of @WorldBank & @USDOL Chief Economist, she is extremely well-qualified & would become 1st Colombian-American to serve on #Fed Board of Govs.” [Tweet]

House Financial Services Committee Chairman Patrick McHenry: “These nominees are seasoned economists with the capacity to contribute meaningfully to the work of the Federal Reserve Board.” [Statement]

House Financial Services Committee Ranking Member Maxine Waters: “I applaud the Biden Administration for its recent nominations to the Federal Reserve Board of Governors. If confirmed, these nominees will go a long way in helping our country further turn the tide and build on much of the economic success we’ve achieved under the Biden Administration…Next, I am elated that Dr. Adriana Kugler, if confirmed, will make history as the first Latina member to serve on the Board of Governors. Not only will Dr. Kugler’s presence help to further ensure that the Fed represents the diversity of the public they serve, but her wealth of experience, particularly on issues surrounding the labor market will be critical to building on the job growth we’ve seen and creating an even stronger and more inclusive economy.” [Statement]

Congressman Joaquin Castro: “@Adriana_Kugler is a world-renowned economist with extensive experience in domestic & international finance. She will be a powerful voice for inclusive growth at the @FederalReserve. Congratulations to Dr. Kugler on her nomination to serve as the first Latina on the Fed Board!” [Tweet]

Congressman Adriano Espaillat: “Congratulations to Dr. Adriana Kugler on becoming the first Latina to be nominated to the @federalreserve. Dr. Kugler’s distinguished experience on immigration and labor relations will be an asset to the Federal Reserve in building a more inclusive economy for all.” [Tweet]

The Congressional Hispanic Caucus Leadership: “Dr. Kugler is a highly qualified candidate with extensive experience as the Chief Economist for the Department of Labor under President Obama, the United States Executive Director of the International Bank for Reconstruction and Development, and as the US representative to the World Bank. […] We commend President Biden for recognizing the importance of Latino representation at all levels of government, and we urge the Senate to move swiftly to confirm her. ¡Felicidades!” [Statement]

The Congressional Black Caucus: “The CBC applauds @POTUS for the historic nominations of Dr. Philip Jefferson, Dr. Lisa Cook and Dr. Adriana Kugler to the Federal Reserve Board of Governors.” [Tweet]

Economists/University Departments/Economics Organizations

Spencer Overton, President, Joint Center for Political and Economic Studies: “Thanks to President Biden's nominations today, the Fed will be stronger and better equipped to curb inflation and maximize employment. The expertise and experience of these exceptional economists will be invaluable to the Fed in ensuring all Americans are considered when determining monetary policy. Dr. Cook's groundbreaking macroeconomic research, Dr. Jefferson's rigorous research on monetary policy's impact on the labor market and inequality, and Dr. Kugler's extensive work in the Obama Administration on government benefits to serve underserved communities are all essential to our economic recovery. These experiences deepen the Fed's ability to consider the impact of its decisions on communities that are more adversely affected by inflation and often experience higher unemployment rates. While there is more work to be done in diversifying economic appointments, President Biden's nominations today represent a historic step in maximizing economic growth by building an economy that works for all Americans.” [Statement]

Jason Furman, Former Chairman of the Council of Economic Advisors and Professor of Practice at Harvard: “Great nominations to the Federal Reserve Board. Philip Jefferson has a broad & insightful perspective on monetary issues that will make him an excellent Vice Chair. I learned a lot about labor markets from Adriana Kugler when we worked together in the Obama administration. And Lisa Cook has been an terrific part of the board.” [Tweet]

Department of Economics at the University of California, Berkeley: “Historic nominations announced by President Biden to the Board of Governors: Alumna Dr. Adriana Kugler is nominated to the Board of Governors; Governor Philip Jefferson is elevated to the No. 2 role; and alumna Governor Lisa Cook is renominated for another full term.” [Tweet]

Seth Harris, Economist at Northeastern University: “I am immensely proud of my friend @Adriana_Kugler as she is nominated to serve on @federalreserve board. She has been simply outstanding representing the US at the World Bank. She will make history and a huge contribution at the Fed. Great choice @POTUS.” [Tweet]

Mohamed A. El-Erian, President of Queens’ College, Cambridge University: “Congratulations to Dr. Adriana Kugler, nominated by President Biden to join the #FederalReserve’s Board as Governor; Governor Philip Jefferson, nominated to become the new vice chair for macroeconomics, and Governor Cook, nominated to a full 14-year term.” [Tweet]

Michael R. Strain, Director of Economic Policy Studies and Senior Fellow at the American Enterprise Institute: “Adriana Kugler is an excellent labor economist and evidence-based policymaker. She is a careful and objective scholar. She understands the importance of the Fed's dual mandate. Given our economic challenges, the Senate should confirm her nomination as a Fed Governor quickly.” [Tweet]

The American Bankers Association: “ABA congratulates Federal Reserve Board Governor Philip Jefferson and Dr. Adriana Kugler on their historic 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. We look forward to learning more about their views on monetary and regulatory policy as the confirmation process moves forward.” [Statement]

The Center for Economic Policy Research: “Her contribution on the impact of policies and regulations was recognized with the 2007 John T. Dunlop Outstanding Scholar Award from the Labor and Employment Relations Association and with the 2010 First Prize for Best Contribution in the area of “Globalization, Regulations and Development from the Global Development Network. Her work has been published in a variety of top general interest and specialized labor and development journals and has been covered widely by the media. She has been invited to present her work at Universities and conferences across the U.S. and around the world.” [Statement]

McCourt School of Public Policy: “I am delighted that President Biden has nominated Adriana Kugler to the position of U.S. Executive Director of the World Bank, her decades-long career, working to improve labor market outcomes and policies for citizens across the globe, has undoubtedly prepared her for this important role. On behalf of the entire McCourt School community, I wish to congratulate Professor Kugler and thank her for her service.” [Statement]

The American Society of Hispanic Economists: “The American Society of Hispanic Economists (ASHE) is delighted that President Biden has nominated Dr. Adriana Kugler as a Member on the Board of Governors of the Federal Reserve System. If Dr. Adriana Kugler's nomination is approved, she will be the first Hispanic economist to be part of the Board of Governors of the Fed Reserve System, ending more than 100 years without Hispanic representation at this important policy-making body. ASHE is pleased that a Hispanic economist has reached this milestone.” [Tweet]

Schar School of Policy and Government at George Mason University: “Biden to nominate economist Adriana Kugler to Fed board, the first Latina in 109 years. She comes from a family of economists. Her father was an economist, and her brother is one of ours: Maurice Kugler @ScharSchool professor of public policy.” [Tweet]

Advocacy Organizations

National Hispanic Caucus of State Legislators: “We look forward to having Adriana Kugler serving as the 1st Hispanic in the Federal Reserve Board of Governors’ 109-year history, because we hope that she can channel the experiences and needs of our communities, making sure that full employment is as important (or more) than inflation.” [Tweet]

National Association of Latino Elected Officials: “Congratulations to Dr. @adriana_kugler on her nomination to serve on the @federalreserve’s Board of Governors! Dr. Kugler is a highly qualified leader &, if confirmed, would be the first Latina to serve in this role. We look forward to her confirmation.” [Tweet]

Janet Murguía, President and CEO of UnidosUS: “We applaud this historic nomination by @POTUS. Dr. Kugler is a highly respected economist & an exceptional choice who will bring extensive experience, expertise, and a new perspective to the @federalreserve. Thank you @SenatorMenendez for your leadership!” [Tweet]

Latino Victory: “We commend @POTUS for his historic nomination of Adriana Kugler for a seat on the Federal Reserve Board. If confirmed by the Senate, Adriana would become the first Latina at the central bank in its 109-year history.” [Tweet]

United States Hispanic Chamber of Commerce: “The United States Hispanic Chamber of Commerce (USHCC) is proud to unconditionally endorse and support Dr. Kugler's nomination and seeks bi-partisan approval by the United States Senate due to her impressive background and experience to serve our country with distinction combined with her expertise during these challenging economic times. The United States Hispanic community accounts for 20% of the total population and generates close to $3 trillion annually in Gross Domestic Product towards the U.S. economy.” [Statement]

Statewide Hispanic Chamber of Commerce of New Jersey: “Congratulations to Adriana Kugler on this historic nomination!” [Facebook Post]

Hispanic National Bar Association: “The Hispanic National Bar Association congratulates Dr. Adriana Kugler on her historic nomination to the Federal Reserve Board of Governors… We are particularly proud of President Biden’s dedication to diversifying all branches of the U.S. government with substantively great leaders in our nation. Our communities deserve advocacy, leadership, trust and representation in our institutions. We also thank Senator Bob Menendez for continuing to give Hispanics a voice in our democracy. Dr. Kugler has exactly the type of experience necessary to strengthen the Board of the Federal Reserve and ensure fairness and trust in our government.” [Statement]

Hispanic Federation: “Hispanic Federation calls for a swift and historic confirmation of Dr. Kugler. Hispanic Federation believes that Dr. Kugler is the best candidate for the position due to her skills, experience, and abilities. Dr. Kugler will tremendously benefit the United States as a new member of the Board of Governors of the Federal Reserve.”

Business Council for International Understanding: “Dr. Kugler is one of the nation’s top labor economists, with an impressive record of both government and academic service. She will bring a historic and unique perspective to the Fed given her Hispanic heritage and network, evidenced by the fact of her serving on the Executive Committee of the Latin American and Caribbean Economic Association. Her deep dives on international labor and economic policies will also provide her with a keen insight as to which direction of monetary policy might be serve America best at this time given the experiences of our global peers.”

National Hispanic Leadership Agenda: “We believe that Dr. Kugler’s vast knowledge in economic development, labor market rules, and related social policies make her an ideal candidate to serve at the Federal Reserve. If confirmed, Dr. Kugler will serve as the first Latina to serve on the Board of Governors in the 110-year history of the agency.”

National Association for Latino Community Asset Builders: “Dr. Adriana Kugler is a dedicated public servant with an unwavering commitment to addressing inequalities and promoting fairness, economic mobility, and workforce development. Moreover, she is an extremely qualified economist and expert in labor economics and applied econometrics with unquestionable credentials.”

The Latino Coalition: “Dr. Kugler’s career reflects the mission of the Latino Coalition in many ways; she has dedicated her life to making the American dream a reality and possibility for more people while supporting business growth, investing in economic development, and addressing economic and workforce inequalities. Dr. Kugler possesses an unwavering commitment to public service and American values, and we are proud to endorse her nomination to the Federal Reserve.” 

Original source can be found here.