Joint Center Supports Nominees for the Board of Governors of the Federal Reserve System 

FOR IMMEDIATE RELEASE:
June 22, 2023

Contact:
Chandra Hayslett, chandra@jointcenter.org

Joint Center Supports Nominees for the Board of Governors of the Federal Reserve System 

WASHINGTON — In response to the Committee on Banking, Housing, and Urban Affairs’ hearing for Dr. Philip Jefferson’s nomination as vice chair, Dr. Lisa Cook’s re-nomination to be a member, and Dr. Adriana Kugler’s nomination to be a member of the Board of Governors of the Federal Reserve System, the Joint Center for Political and Economic Studies issued the following statement:

“The Joint Center wholeheartedly supports the nominations of Dr. Phillip Jefferson, Dr. Lisa Cook, and Dr. Adriana Kugler to the Federal Reserve Board. Over the last year, Dr. Jefferson and Dr. Cook offered invaluable expertise that has greatly benefited our nation’s economy and promoted inclusive growth for all. Dr. Kugler, who if confirmed, will further advance the diversity of the Federal Reserve Board by being the first Hispanic to serve. An experienced economist with an expertise on how workers interact with the labor market, Dr. Kugler will be a critical addition to the Federal Reserve Board,” said Jessica Fulton, interim president and vice president of Policy for the Joint Center.

Fulton continued: “Dr. Jefferson, a brilliant economist, has brought a wealth of knowledge to the Federal Reserve Board, ensuring their immediate gains and transformation. His fresh perspective positioned the Fed to have a deeper understanding of policy consequences on diverse communities, paving the way for a more comprehensive institution. He is deserving of the vice chair’s role. Dr. Cook, who is astute, brings a distinctive viewpoint to the Fed — one that promotes equity and maximizes broad-based economic advancement. Recognizing the disproportionate impact of inflation on Black communities, if reconfirmed, Dr. Cook will continue to empower the Fed to strengthen its ability in defining and executing policies that push forward post-pandemic economic recuperation. We thank President Biden for his leadership in these nominations.”

Background:  The Joint Center continuously supported Dr. Jefferson and Dr. Cook throughout their 2022 confirmation processes. As a result of the additions of Dr. Jefferson and Dr. Cook, for the first time in its 109-year history, the seven-member Fed board has two Black Governors. If confirmed by the Senate, Dr. Jefferson, the fourth Black man who served on the Fed board, would become the second Black man to serve as the Fed’s vice chair.

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.