WASHINGTON, D.C. – Pennsylvania U.S. Senator John Fetterman today participated in a Senate Committee on Banking, Housing, and Urban Affairs hearing on the nominations of Dr. Lisa DeNell Cook and Dr. Adriana Debora Kugler to serve as Members of the Board of Governors of the Federal Reserve System, and the nomination of Dr. Philip Nathan Jefferson to serve as Vice Chair of the Board.
This hearing focused largely on the Federal Reserve’s dual mandate, its joint goals of price stability and maximum sustainable employment. Senator Fetterman focused his questions to the nominees on how their experience and expertise in labor economics and monetary policy will shape their work on the Board of Governors.
“I believe that it is critical for the Fed to create an economy that truly works for working people,” said Senator Fetterman.
Senator Fetterman directed his initial questions to Dr. Lisa DeNell Cook, a current member of the Board of Governors. He mentioned how his predecessor, former-Senator Pat Toomey, opposed her nomination, minimized her credentials, and baselessly accused her of being unqualified. In his questions to Dr. Cook, Fetterman cited her extensive experience in economics, including her role as senior economist on the Council of Economic Advisers under President Barack Obama, and asked how these experiences have informed her time on the Board.
Senator Fetterman then turned his questioning to Dr. Adriana Debora Kugler, who currently serves as U.S. Executive Director to the World Bank. Senator Fetterman met with Dr. Kugler last week to discuss her nomination and improving economic conditions for working people. Dr. Kugler spoke to her qualifications for the role, highlighting the critical work she has done as a labor economist. As Chief Economist at the Department of Labor, she developed policies and programs on unemployment insurance, training programs, retirement benefits, overtime pay, and minimum wage. In her current role as Executive Director of the World Bank, Dr. Kugler works to combat inflation domestically and internationally.
While inflation is declining, consumers are still feeling the effects in their day to day lives. Senator Fetterman believes it is the duty of the Federal Reserve to ease these economic pressures on working people by lowering inflation in a tangible way and supporting job-creating policies.
Senator Fetterman supports the appointment of these nominees, all of whom have impressive resumes with considerable experience in evidence-based policymaking that has resulted in economic growth, productivity, and innovation.
Last year, Dr. Cook became the first woman of color on the Board. If confirmed, Dr. Kugler would be the first Latino person to serve on the Board.