President’s Fed nominations would fill vice chair seat vacated by Brainard, more

The three individuals named in the president’s announcement of nominations Friday for filling two current Federal Reserve Board vacancies, including that of vice chair, and his intent to nominate another, current board member for a full, 14-year term would restore the board of the central bank to its full complement of seven members.

Commenting on all three, Sen. Sherrod Brown (D-Ohio), chairman of the U.S. Senate Banking Committee, said Friday that he looks forward to working to confirm the nominees “quickly.”

President Joe Biden (D) on Friday nominated Fed Gov. Philip Jefferson, who is serving a term that continues through January 2036, to fill the vice chair seat that was vacated in February by Lael Brainard, who was appointed by the president as director of the National Economic Council (NEC). He also nominated Adriana Kugler, U.S. Executive Director at the World Bank Group, to fill an unexpired Fed Board term that continues through January 2036. Additionally, the president said he plans to nominate current Fed Gov. Lisa Cook, whose term expires next year, to a full 14-year term (which would expire in January 2038).

Assuming all three individuals are confirmed, the Fed stands to be restored to its full complement of seven members as early as this year. Brainard, who joined the Fed Board in June 2014, was named Fed vice chair this January upon the resignation of Richard Clarida, who held that post and whose board term was just about to expire. He resigned Jan. 14, 17 days before that term ended.

In Friday’s announcement, Biden said Jefferson and Cook (presuming confirmation) “will continue to bring valuable insight, expertise, and continuity to the Fed at a critical time for our economy and families across the country.”

Biden also described Kugler as “a highly qualified and respected economist with deep expertise in labor markets, worker mobility, and youth employment.” According to the release, Kugler started her career at the Federal Reserve Bank of San Francisco, has served as the Labor Department’s chief economist of the Labor Department, and was confirmed last year with bipartisan support to her current World Bank post.