-9999
Floor Speech
BREAK IN TRANSCRIPT
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.
BREAK IN TRANSCRIPT
Source