[Congressional Record Volume 169, Number 144 (Thursday, September 7, 2023)]
[Senate]
[Page S4253]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                  Nomination of Adriana Debora Kugler

  Mr. MENENDEZ. Madam President, every so often, this Chamber is 
granted an opportunity to alter the course of American history. These 
rare opportunities allow us to pick up the torch, hoist it high like 
those who came before, and carry it forward as we strive to create a 
more perfect Union.
  Today, we have such an opportunity. In a few minutes, this body will 
consider the nomination of a preeminent economist, Dr. Adriana Kugler, 
to serve on the Board of Governors of the Federal Reserve. Already, she 
has broken barriers and blazed new trails--the first Hispanic American 
ever nominated to serve in that critical role.
  But for my colleagues who will soon cast their votes on her 
nomination, I would just like to highlight what this means for the 62 
million Latinos who call America home. Simply put, we see ourselves 
reflected in her story and her nomination.
  Dr. Kugler is a first-generation American, the daughter of immigrants 
from Colombia. To hear her tell her story is to listen to the American 
dream come to life, from her grandparents who overcame tremendous 
obstacles--whether it was fleeing religious persecution, being orphaned 
at the age of 3, or dropping out of high school to help a widowed 
mother raise five siblings. Dr. Kugler's family instilled in her the 
importance of grit and resilience alongside an unwavering work ethic. 
As a result, her life's work has been to help others similarly rise 
above their station.
  For more than 25 years as an economist, she has conducted essential 
research on labor markets, worker mobility, and firm productivity--
three areas that are essential to the Federal Reserve's mandate.
  She currently serves as U.S. Executive Director at the World Bank 
after previously serving as Chief Economist at the Department of Labor, 
bringing a domestic and international perspective at a time when global 
economies have never been more connected. Because of this work, because 
of her sterling credentials and outstanding reputation, Dr. Kugler's 
nomination has earned the endorsement of 33 peer economists from across 
the political spectrum. In a joint letter, they called her ``a 
brilliant, objective economist who takes an evidence-based approach to 
decision-making and is an expert in policy evaluation.''
  Make no mistake, Dr. Kugler is eminently qualified for the role she 
has been nominated for. At her confirmation hearing, she reaffirmed a 
fundamental commitment to the Federal Reserve dual mandate, pledging to 
continue its efforts to bring down high inflation that is hurting 
workers and businesses alike.
  In addition to her qualifications and balanced approach to decision 
making, Dr. Kugler has demonstrated time and time again that she will 
uphold the Federal Reserve's long legacy of independent decision 
making. It is precisely because those decisions affect every community 
in our country that I am especially proud that Dr. Kugler will finally 
bring lived experience of being Latino in the United States to the 
Federal Reserve leadership.
  That is right. In the nearly 110-year history of the Federal Reserve, 
there has never, ever been a Latino serving on this Board of Governors. 
Not once. Simply put, it is an affront to the 62 million Hispanic 
Americans who meaningfully contribute to our economy. It is out of step 
with the fact that our economic input as a community is nearly $3 
trillion. And it violates the idea that the hopes and dreams of Latinos 
are essential to the promise of America.
  So it is time for Latinos to serve the highest levels of the Federal 
Reserve. It is time for Latinos to be taken seriously as an essential 
part of our American family and economy. And it is time for us to 
confirm Dr. Adriana Kugler as a meaningful step towards that goal. 
Never again should a Latino or Latina have to wonder if they can rise 
from humble beginnings to occupy seats of power. Today's vote helps us 
do just that.
  At its core, it is about changing the face of leadership so that our 
institutions, these bodies that we entrust with the future wealth and 
prosperity of our country, can fully reflect the Nation that they 
serve. In no uncertain terms, Dr. Kugler is a remarkable economist and 
a fantastic nominee to serve as the first Latina on the Board of 
Governors of the Federal Reserve. I am proud to have championed her 
historic nomination, and now it is time that we turn it into a historic 
confirmation.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from New Mexico.