President Joe Biden has appointed economists Adriana Kugler and Philip Jefferson to key positions at the Federal Reserve. If confirmed, Kugler would be the first Latina to serve on the Fed’s Board of Governors, while Jefferson will serve as the central bank’s vice president.

Kugler’s nomination is part of Biden’s efforts to improve the Fed’s diversity, following pressure from Democratic Sen. Bob Menendez for a Latino to be nominated. Biden praised Kugler as a highly skilled and respected economist with experience in labor markets. Menendez celebrated the historic appointment, noting that it marks a new chapter at the Federal Reserve, which has never had Latinos in leadership positions.

Kugler has experience at the World Bank and the U.S. government, where she served as chief economist at the Department of Labor during the Obama administration. Her specialization in labor economics and research on public policy related to unemployment benefits and minimum wages makes her a qualified candidate for the Fed position.

For his part, Philip Jefferson joined the Fed’s Board of Governors last year and was nominated by Biden for the post of vice chairman, being the second most senior official after Fed Chairman Jerome Powell. Jefferson, whose career includes academic experience and economic research, expressed support for the Fed’s aggressive approach to fighting inflation.

The Fed’s Board of Governors consists of seven members, including two vice presidents. Jefferson's appointment as vice president follows the departure of Lael Brainard from office. In addition, Biden announced the renomination of Lisa Cook, the first black woman to serve on the Fed, for an additional term as governor.

The nominations of Kugler, Jefferson and Cook reflect Biden’s intent to promote diversity and appoint people from different backgrounds to key positions in government. The nominations now await consideration and approval by the U.S. Senate.

According to a report from CNN,  Ohio Democratic Sen. Sherrod Brown, chairman of the Senate Banking Committee, praised Biden’s Fed nominees as people who “reflect the vibrant diversity of our country, and the people who make it work”.

“These historic nominees have built their careers by putting workers and communities at the center of our economy”, Brown said.

South Carolina Sen. Tim Scott, the top Republican on the Banking Committee, said he looks forward to “thoroughly vetting these nominees and determining if they are equipped to address our nation’s economic challenges”. Scott added that it’s critical during today’s period of high inflation that Fed nominees are “exceptionally qualified”.