White House Close to Tapping Philip Jefferson for Fed Vice Chair, Adriana Kugler for Board
WASHINGTON—President Biden is close to nominating Federal Reserve governor Philip Jefferson to serve as the central bank’s second-in-command and Adriana Kugler, a Latina economist and top World Bank official, to a fill vacancy on the Fed’s board, according to people familiar with the matter.
If confirmed, Ms. Kugler, a Colombian-American economist who currently serves as the U.S. executive director at the World Bank, would be the first Latina to serve on the board. Mr. Jefferson would be the Fed’s second Black vice chair. Mr. Biden faced pressure from Sen. Robert Menendez (D., N.J.), a senior member of the Senate Banking Committee, to nominate a Latino economist to the central bank, which has never had a Latino serve as a Fed governor or Fed president.
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