Statement from President Joe Biden on Senate Confirmation Vote for the Federal Reserve Board of Governors

“I applaud the Senate for confirming my superbly qualified nominees to the Federal Reserve Board of Governors on a bipartisan basis. In the past year, inflation has come down by around two-thirds, while the job market has remained historically strong, and I am confident that Dr. Jefferson, Dr. Cook, and Dr. Kugler will help continue this progress. My Administration remains laser focused on bringing costs down for families while maintaining the world-beating economic growth that America has experienced in the last two-plus years.

With the confirmation of these outstanding economists to the Federal Reserve, the American people can be confident that the Fed’s important mission remains in good hands, and it will continue working for them, not any partisan agenda.”

Dr. Jefferson will be only the second-ever Black Vice Chair of the Federal Reserve Board. Dr. Cook was the first-ever Black woman on the Federal Reserve Board, and has now been confirmed to a full 14-year term. Dr. Kugler will make history as the first-ever Hispanic American to serve on the Federal Reserve Board.

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