Historic Milestone Achieved as Diverse Candidates Confirmed for Federal Reserve Board of Governors

Joint Center September 7, 2023

FOR IMMEDIATE RELEASE:
Sept. 7, 2023

Contact:
Chandra Hayslett, chandra@jointcenter.org

Historic Milestone Achieved as Diverse Candidates Confirmed for Federal Reserve Board of Governors

WASHINGTON – The Joint Center for Political and Economic Studies proudly extends congratulations to the distinguished nominees confirmed to the Federal Reserve Board of Governors. Dr. Philip Nathan Jefferson’s confirmation as vice chairman of the Board of Governors, Dr. Lisa DeNell Cook’s confirmation for a full term as a member of the Board of Governors, and Dr. Adriana Debora Kugler’s confirmation as a member of the Board of Governors collectively represent a pivotal moment in the history of the Federal Reserve.

Throughout the entirety of their nomination and confirmation processes, the Joint Center has unwaveringly supported Dr. Jefferson, Dr. Cook, and Dr. Kugler. This historic moment marks a significant milestone, as it is the first time in the history that the seven-member board has two Black and one Latina governors, and the second time there has been a Black vice chairman of the Fed board.

“With the confirmation of these three historic nominees, the Federal Reserve Board of Governors will be even better equipped to provide insights into formulating monetary policies that better address the needs of the diverse communities that make up our economy,” said Jessica Fulton, interim president of the Joint Center and VP, Policy. “Dr. Cook, Dr. Jefferson, and Dr. Kugler each bring extensive economic policy experience and deep macroeconomic and labor market expertise, which collectively positions the Fed to better shape economic policy to advance the needs of our racially diverse nation. Their insight and experience will provide much-needed perspectives to support all communities.”

The Joint Center commends President Biden, Senate Majority Leader Charles Schumer (D-NY), and Senate Banking Committee Chair Sherrod Brown (D-OH) for securing the confirmation of these outstanding nominees to the Federal Reserve Board of Governors. The appointment of these nominees signifies a significant stride towards achieving a more equitable economy.

###About Dr. Philip Jefferson: Dr. Jefferson took office as a member of the Board of Governors of the Federal Reserve System in May 2022. Prior to his appointment, he served as the chief academic officer at Davidson College in North Carolina. He holds the Paul B. Freeland endowed professorship in economics at Davidson and an endowed professorship at Swarthmore. Dr. Jefferson has taught at Columbia University and the University of Virginia, and worked as a visiting research economist at the University of California, Berkeley. He served as an economist for the Federal Reserve’s Board of Governors in Washington and for the Federal Reserve Bank in New York.

About Dr. Lisa Cook: Dr. Lisa Cook is the first Black woman to become a member of the Federal Reserve Board. She is one of the country’s most esteemed macroeconomists as well as an international authority on banking systems, economic growth, innovation, markets, and global finance. Prior to her appointment to the Board, Dr. Cook was a tenured professor at Michigan State University. She served on the Board of Directors of the Federal Home Loan Bank of Indianapolis and the Board of the Federal Reserve Bank of Chicago. She has also been a supporter of the Joint Center’s work. Dr. Cook talked about economic policy at the Joint Center’s Future of Black Communities Leadership Summit in December 2020 and in conversation with Joint Center President Spencer Overton in February 2023.

About Dr. Adriana Kugler: Dr. Adriana Kugler is a full professor at Georgetown University’s McCourt School of Public Policy and Economics. She is currently on leave of absence and serving as the U.S. executive director of the World Bank. She served as chief economist of the U.S. Department of Labor during the Obama Administration between 2011 and 2013, where she worked actively on developing policies and proposals on unemployment insurance, training programs, retirement benefits, overtime pay and minimum wages, immigration, disability insurance, and occupational safety regulations. Prior to coming to Georgetown, she was a full and associate professor at the economics departments at the University of Houston and at University Pompeu Fabra in Barcelona.

About the Joint Center for Political and Economic Studies: The Joint Center for Political and Economic Studies, America’s Black think tank, provides compelling and actionable policy solutions to eradicate persistent and evolving barriers to the full freedom of Black people in America. We are the trusted forum for leading experts and scholars to participate in major public policy debates and promote ideas that advance Black communities. We use evidence-based research, analysis, convenings, and strategic communications to support Black communities and a network of allies.