Three nominees for key roles at Fed, including two sitting Fed Governors, have pledged to make tackling inflation their primary concern if their nominations are confirmed. This commitment was made in prepared remarks ahead of confirmation hearings before Senate Banking Committee on Wednesday.
Philip Jefferson, the nominee for vice chair, recognized the multifaceted challenges facing the economy including inflation, banking-sector stress, and geopolitical instability. Jefferson said, “The Federal Reserve must remain attentive to them all. Inflation has started to abate, and I remain focused on returning it to our 2 percent target.”
Lisa Cook, who is nominated for a new 14-year term, echoed Jefferson’s concerns about inflation. She stated, “The American economy is at a critical juncture, and it will be essential for the FOMC to act as needed to bring inflation back to our 2% inflation target.”
Adriana Kugler, the nominee chosen by President Joe Biden to fill the vacancy left by Lael Brainard earlier this year, reiterated the same sentiment. Kugler emphasized, “If confirmed, I am deeply committed to setting monetary policy to reduce inflation and promote maximum employment, and to foster the resilience of the financial sector to support job creation and economic growth.”
