In the statement made by the White House, it was reported that Biden will also nominate Fed Board Member Lisa Cook for another term.
Biden, whose evaluations were included in the statement, pointed out the economic developments they have made since taking office and stated that he is proud to nominate Jefferson to the vice chairmanship of the Fed Board of Directors.
Recalling that the Senate approved Jefferson as a member of the Fed Board of Directors with a strong 7-to-91 vote last year, Biden said that he expects his nominee to be quickly approved as Fed Vice Chairman.
Biden also nominated Cook, who was approved by the Senate last year, to be a member of the Board of Directors for another term, stressing that Jefferson and Cook will continue to bring valuable information, expertise and continuity to the Fed at a critical time for the US economy and families in the country.
Noting that he has also nominated Kugler as a member of the Fed Board of Directors, Biden pointed out that Kugler is a highly qualified and respected economist with deep expertise in labor markets, worker mobility and youth employment.
Biden stressed that the candidates in question understand that their job is non-partisan, a job that plays a critical role in ensuring maximum employment and price stability, and in overseeing the country’s many financial institutions.