The first nominee, currently a Board of Governors member, is Philip Jefferson, 61. Jefferson has been nominated by Biden to serve the remaining four years of his term as vice chair. Jefferson is a former economist for the Board of Governors. He has also had positions at both Swarthmore College as well as Davidson College.
Jefferson was confirmed by the Senate in May 2022 to fill a term that ends in 2036. If he is confirmed to serve as vice chair, he would succeed Lael Brainard. Brainard stepped down from his role on the Board and as vice chair in order to serve as the head of Biden’s National Economic Council.
The second nominee, also currently a Board of Governors member, is Lisa D. Cook, 58. Though she was confirmed by the Senate in May 2022 to a term that ends in 2024, Biden has nominated Cook to serve a new full term of 14 years. Cook previously taught at both Harvard’s Kennedy School of Government as well as Michigan State University. She previously worked at the National Bureau of Economic Research as a researcher. Cook is the first Black woman to be a member of the Board of Governors.
The third nominee is Adriana Kugler, 53, who is currently World Bank’s U.S. executive director. Kugler has been nominated to serve Brainard’s remaining three years on the Board. During the Obama administration, Kugler served as the chief economist for the Labor Department. She previously taught at Georgetown University.
If confirmed, two of three nominees would make history. Jefferson would be the second Black vice chairman of the U.S. Federal Reserve. Kugler, who is Colombian-American, would be the first Latino member of the Board of Governors.
The Board of Governors is made up of up to seven officials, with three members serving as vice chair of supervision, vice chair, and chair.
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