He american President, Joe Biden nominated this Friday at Colombian-American economist Adriana Kugler will Federal Reserve Governor (FRS) that would make it first latin be part of the board that leads the American organization.

Kugler is currently Executive Director belonging World Bank Group for the United States. According to the White House, this labor market expert, international economics And applied econometricsand published in major journals on the subject.

was appointed economist head of labor department under the administration of Barack Obama (2009-2017), in which Biden was vice president and was also part of science Council, Technologies And Economic policy US National Academy of Sciences.

His candidacy must be ratified by the Senate, but the Democrats control this chamber, so no obstacles are expected. If confirmed, it will first latin taking on this responsibility in the history of the organization founded in December 1913.

Senate Foreign Relations Committee Chairman Democrat Bob Menendez complained in February that there were never Hispanics in his leadership positions. “Because it’s important? Because it’s the main minority in the country,” he said at the time.

“With today’s announcement, we are opening a new chapter in the history of the Fed, which has been never been Hispanic or Latino at higher levels of leadership. We are finally giving the 62 million Latin Americans who call this country home a seat at the table where the most important monetary policy decisions are made,” he added this Friday.

Biden also nominated pit Philip Jefferson, current member of the Fed’s Board of Governors, as Group Vice President. In the past, the economist has served as vice president of academic affairs and dean of faculty at Davidson College, among other positions.

His candidacy joins the candidacy Lisa Cook as Governor he has held this position since 2022, which expires in January 2024. From 2011 to 2012, under President Obama, he was Senior Economist on the Council of Economic Advisers and also advised the Treasury Department on international affairs.

The Fed’s Board of Governors is made up of seven people and his powers 14 years. Every two years a new term begins, and a person who has completed the entire period cannot repeat the position; but if she joins to complete one halfway through, as in Cook’s case, she can be chosen.