Federal Reserve Chairman Jerome Powell recently swore in
three board members – one who is entering a second term, one who is getting a
new title and one who is brand new to the Board of Governors.
Dr. Lisa Cook joined the Fed in May 2022 and was sworn in on
Sept. 6 for a second term set to run through Jan. 31, 2038. Dr. Adriana Kugler
and Dr. Philip Jefferson were each confirmed on Sept. 7. Kugler is set to serve
through Jan. 31, 2026. Jefferson, who joined the Board of Governors in May
2022, will serve as its vice chairman through Sept. 7, 2026, and as a board
member through Jan. 31, 2036.
The newest board member, Dr. Kugler, previously served as
the U.S. Executive Director at the World Bank Group. She is on leave from
Georgetown University where she is a professor of Public Policy and Economics
and was vice provost for faculty. She also served as chief economist at the
U.S. Department of Labor from 2011 to 2013.
Prior to joining the Fed, Dr. Jefferson worked at Davidson
College as the vice president for academic affairs, dean of faculty and as a
professor of economics. He also was a professor of economics at
both Columbia University and Swarthmore College, as well as an
economist at the Fed before that.
Dr. Cook was a professor of economics and international
relations at Michigan State University before joining the Fed in May 2022. She previously
served as director of the American Economic Association Summer Training Program
and was a research associate at the National Bureau of Economic Research.
Previously, Dr. Cook was on the faculty of Harvard
University's Kennedy School of Government.
Independent Community Bankers of America (ICBA) President
and CEO Rebeca Romero Rainey congratulated the board members on their new
roles.
“ICBA congratulates Federal Reserve Vice Chair Philip
Jefferson as well as Federal Reserve Governors Lisa Cook and Adriana Kugler on
their swearing-in for new terms on the Fed board,” Romero Rainey said in a statement.
“ICBA will continue to voice the community banking perspective as we engage
with the Federal Reserve on policy matters that affect community banks and the
customers and communities they serve. We look forward to continuing our efforts
to ensure regulatory policies reflect the relationship-based community bank
business model that helps local economies flourish.”
Full biographies of each of the members of the Fed Board of
Governors are available on the agency’s website.