"These nominees understand that this job is not a partisan one, but one that plays a critical role in pursuing maximum employment, maintaining price stability, and supervising many of our nation's financial institutions," Mr. Biden said in a statement Friday. "I am confident these nominees will help build upon the historically strong economic recovery we have had under my administration."
Mr. Jefferson, who currently serves as a Fed governor, has a job history in academia. Prior to his role at the Federal Reserve, he was vice president for academic affairs, dean of faculty and the Paul B. Freeland Professor of Economics at Davidson College. Before that, he served as chairman of the economics department and taught economics as a professor at Swarthmore College. He also used to work as an economist at the Federal Reserve Board.
Ms. Kugler currently serves as the U.S. executive director at the World Bank Group, though she previously served as the Labor Department's chief economist under the Obama administration. Ms. Kugler is also on leave from Georgetown University, where she is a public policy and economics professor and previously served as vice provost for faculty.
Ms. Cook is set to serve in her role as Fed governor until Jan. 31, 2024. Prior to her current role, Ms. Cook taught economics and international relations as a professor at Michigan State University and was a research associate for the National Bureau of Economic Research. She also served as a senior economist on the Council of Economic Advisers under President Barack Obama from 2011 to 2012.
At a University of Michigan event in April, Ms. Cook said that the country is still in a "pandemic-related economy," which is contributing to lasting inflation.
During the pandemic, "there was a shift to goods away from services," Ms. Cook said. "We've been waiting for the shift to happen back — it hasn't completely happened."
At the conclusion of their most recent meeting May 2 and 3, the Federal Open Market Committee approved a third consecutive quarter-point interest rate hike, increasing the federal funds rate to a range of 5% to 5.25%.