President Biden Announces Nominees to the Federal Reserve Board

President Joseph R. Biden nominated individuals for open positions on the Federal Reserve Board ("FRB").

President Biden nominated Lisa Cook for a reappointment to the FRB beginning on February 1, 2024, for a term of 14 years. Before her appointment to the FRB in 2022, Dr. Cook was a professor of economics and international relations at Michigan State University and also a research associate at the National Bureau of Economic Research.

President Biden nominated Adriana Debora Kugler to fulfill the remainder of the 14-year unexpired term of Dr. Lael Brainard, who left the FRB to become Director of the White House National Economic Council. Her term was due to expire February 1, 2026. Dr. Kugler is currently the U.S. Executive Director at the World Bank, nominated by President Biden and confirmed by the U.S. Senate in April 2022. Dr. Kugler also served as the Chief Economist to U.S. Labor Secretary from September 2011 to January 2013.

President Biden nominated Philip Nathan Jefferson to be Vice Chairman of the FRB for a term of four years to fill the vacancy left by Dr. Lael Brainard. Dr. Jefferson has been a Member of the FRB since 2022, and prior to that, he was Vice President for Academic Affairs and Dean of Faculty and the Paul B. Freeland Professor of Economics at Davidson College.