WASHINGTON, D.C.— Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement in connection with the Senate Banking Committee hearing on President Biden’s nominees to the Federal Reserve Board, Dr. Jefferson to be Vice Chair and Drs. Cook and Kugler to be Governors. A detailed overview of the nominees can be found here.
“President Biden has nominated three outstanding scholars, economists, experts, and public servants to serve on the Federal Reserve Board and we applaud their willingness to serve. Dr. Philip Jefferson, nominated to be the Vice Chair, and Dr. Lisa Cook, nominated for a full term, are current Governors, confirmed last year. Better Markets strongly supported their nominations and confirmations last year and are pleased to do so again. Their year-plus of experience on the Board confirms that they are exceedingly well-qualified and capable of discharging their duties. As is overwhelmingly clear from her extensive record and history, Dr. Kugler is an exceptional and impressive nominee as well. Her data-driven, evidence-based approach to policymaking and critical economic issues, including labor markets, worker mobility, and productivity, will be invaluable to the Fed in discharging its responsibilities to promote price stability, maximum employment, and financial stability.
“Fortunately for America, in addition to impressive traditional accomplishments and abilities, the nominees also bring distinctive backgrounds and experiences to the Board, with their racial and gender diversity as well as unique perspectives on key issues of economic growth, the labor market, and financial markets. Unfortunately, the adjective ‘first’ is still being used for nominees and we look forward to the day when it won’t be remarkable that nominees for senior government positions come from previously unrepresented groups. It’s past time for all parts of our government to look like America because that government serves all of America and Dr. Kugler’s nomination is another step in achieving that goal.
“It is clear that these nominees are all more than well-qualified and we hope that the members of the Senate Banking Committee will focus on these substantive qualifications and quickly vote to send the nominations to the full Senate for confirmation. Given these perilous times, the country needs a full Board of Governors guiding the Federal Reserve System. More in-depth discussions of the nominees can be found here.”
###
Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.
