Biden announces nominees to Fed's board of governors

By Ovunc Kutlu

ISTANBUL (AA) - US President Joe Biden announces Friday nominees to the US Federal Reserve's Board of Governors.

Dr. Philip Jefferson was nominated for the vice chair position, who was confirmed by the US Senate last year in a 91-7 vote as a member of the board of governors.

Biden nominated Dr. Adriana Kugler to serve as a member on the board, who was also confirmed to serve as the US' executive director to the World Bank.

The president said he will again nominate Dr. Lisa Cook for an additional full term as a member of the board.

"Dr. Jefferson and Dr. Cook will continue to bring valuable insight, expertise, and continuity to the Fed at a critical time for our economy and families across the country," Biden said in a statement released by the White House.

"Dr. Kugler is a highly qualified and respected economist with deep expertise in labor markets, worker mobility, and youth employment," it added.

The Fed has raised its benchmark interest rate a total of 500 basis points in the last 14 months in order to fight inflation.

"Annual inflation has come down 45 percent since last summer, and is down 10 months in a row while our job market remains strong," said Biden. "The unemployment rate is 3.4%, the lowest in 50 years. Jobs are up, wages are up, and inflation is coming down."