Fed board’s first Hispanic member confirmed by Senate, a big win for Menendez

Adriana Kugler was confirmed by the U.S. Senate today to be a member of the Federal Reserve Board of Governors, making her the board’s first Hispanic member in its 109-year history – a major victory for Senator Bob Menendez (D-New Jersey), who strongly pushed President Joe Biden to put a Latino or Latina on the board.

“At its core, [today’s vote] is about changing the face of leadership so that our institutions, these bodies that we entrust with the future wealth and prosperity of our country, can fully reflect the nation that they serve,” Menendez said in a speech on the Senate floor prior to Kugler’s confirmation vote. “I’m proud to have championed [Kugler’s] historic nomination, and now it’s time that we turn it into a historic confirmation.”

Kugler is the daughter of Colombian immigrants and grew up primarily in Colombia, though she was born in the U.S. She served from 2011 to 2013 as the Labor Department’s chief economist, and in 2022, she became the U.S. executive director of the World Bank.

According to the New York Times, Kugler was not on the list of names Menendez initially submitted to the White House as potential Hispanic additions to the Federal Reserve board. But after she was nominated by Biden in May of this year, Menendez became her loudest cheerleader, strongly encouraging his colleagues to support her.

Kugler’s nomination cleared the Senate Banking Committee in July, and passed the full Senate today on a 53-45 vote, with three Republicans joining all present Senate Democrats in voting yes. (New Jersey’s other senator, Cory Booker, was one of two senators not in attendance and did not vote.)

“It is time for Latinos to serve at the highest levels of the Federal Reserve,” Menendez said. “It is time for Latinos to be taken seriously as an essential part of our American family and economy… Never again should a Latino or Latina have to wonder whether they can rise from humble beginnings to occupy seats of power.”