Who Is Adriana Kugler?

Adriana Kugler is an economist and a member of the Federal Reserve’s Board of Governors. She previously served as the U.S. executive director of the World Bank, a position for which she was nominated by President Joe Biden in August 2021 and confirmed by the U.S. Senate in April 2022. She also is a professor of public policy and economics at Georgetown University, where she is on a leave of absence.

Kugler left the World Bank to become a member of the Federal Reserve’s Board of Governors. Nominated by Biden in May 2023 and confirmed by the U.S. Senate on Sept. 7, 2023, she is the board’s first Latina member. She filled an unexpired term which will end on January 31, 2026.

Key Takeaways

• Adriana Kugler is a highly accomplished labor economist and professor with experience in both academia and public policy.
• Kugler was appointed to the Federal Reserve’s Board of Governors by President Joe Biden, filling an unexpired term than will end in 2026.
• In public policy, Kugler has served as chief economist of the U.S. Department of Labor and as a senior economist at the World Bank.
• Kugler is on leave from a senior position at Georgetown University to focus on public policy and serve as one of the Fed’s Board of Governors.

Early Life and Education

Adriana Kugler was born in the United States. She grew up in Colombia, where her parents were involved in social projects (her father was an economist who worked with the World Bank). Her experiences observing poverty, homelessness, child labor, poor infrastructure, and the lack of basic necessities such as drinking water and electricity led to an interest in economics and political science. She decided to pursue a bachelor’s degree in those fields at McGill University in Montreal, where she graduated with first class joint honors in 1991.

Kugler then pursued a doctoral degree in economics at the University of California at Berkeley, where she studied under the supervision of Nobel laureate George Akerlof, husband of Janet Yellen, the current U.S. Secretary of the Treasury. Her dissertation focused on labor economics, development economics, and applied econometrics. She completed her Ph.D. in 1997.

Academic Positions

Kugler has held professorships at numerous prestigious institutions, including Harvard University, the London School of Economics, and Georgetown University. Her research has primarily focused on labor markets, public policy, and the impact of globalization on the workforce. Here is a time line of her academic appointments:

• 1997 to 2003: Assistant professor of economics at Pompeu Fabra University in Barcelona, Spain
• 2003 to 2005: Associate professor of economics at Pompeu Fabra University in Barcelona, Spain
• 2005 to 2009: Associate professor of economics at the University of Houston in Texas
• 2009 to 2010: Full professor of economics at the University of Houston in Texas
• 2010 to present: Full professor of public policy and economics at Georgetown University in Washington, D.C. (on leave of absence since 2022)
• 2013 to 2016: Vice provost for faculty at Georgetown University in Washington, D.C.

In addition to her academic appointments, Kugler has been affiliated with various research organizations and networks as a research associate, research fellow, senior fellow, or board member. Some of these include:

• National Bureau of Economic Research (NBER) in the Labor Studies program
• Centre for Economic Policy Research (CEPR) in London
• Center for American Progress

Kugler also has served on the editorial boards of several academic journals and publications in the fields of economics, public policy, labor relations, and development.

Public Policy Positions

In the realm of public policy, Kugler has held high-level positions in both national and international organizations. Notably, she served as chief economist of the U.S. Department of Labor during the Obama administration and as a senior economist at the World Bank.

Her expertise in labor economics and policy has made her a sought-after consultant and speaker in global economic forums.

• 2011 to 2013: Chief economist, U.S. Department of Labor, Obama administration
• 2020: Chair, Business and Economics Section, American Statistical Association
• 2022 to 2023: U.S. executive director, the World Bank
• 2023 to present: Member of the Board of Governors of the Federal Reserve System

Federal Reserve’s Board of Governors Nomination

In May 2023 President Biden announced his intention to nominate Kugler for a seat on the Federal Reserve’s Board of Governors, the governing body of the Federal Reserve System, which is the central bank of the U.S. Confirmed by the Senate in September 2023, Kugler filled a vacancy on the board created when Lael Brainard became Biden’s director of the National Economic Council.

The Federal Reserve Board of Governors consists of seven members who are appointed by the U.S. president and confirmed by the Senate for four-year terms. The board oversees the operations of the Federal Reserve banks, sets monetary policy, regulates banks and financial institutions, and provides financial services to the government and the public.

Important

Concurrent with his selection of Kugler, President Biden nominated Philip Jefferson for promotion to the role of vice chair of the Federal Reserve’s Board of Governors. Jefferson is a Black economist who has been serving as a Fed governor since 2022, when he was appointed by Biden and confirmed by the Senate. Jefferson took office on September 13, 2023 and is the second-ever Black vice chair of the Fed, following Roger Ferguson, who served from 1997 to 2006.

Kugler is the first Latina economist to serve on the board. Her appointment not only broke barriers for women and minorities in the field of economics; it also sent a strong message about the Biden administration’s commitment to diversity and representation in key policymaking institutions.

As a member of the Board of Governors, Kugler can call on her expertise and experience in labor economics and public policy to influence the Fed’s decision-making process on monetary policy and financial regulation. She also contributes to the Fed’s research agenda and outreach efforts on topics related to labor markets, unemployment, immigration, and economic development.

How Is the Federal Reserve’s Board of Governors Chosen?

The Board of Governors of the Federal Reserve is made up of seven members. These individuals are nominated by the president and confirmed by the Senate. Each one serves a term of 14 years. A board member may serve only one full term, though a member who fills an unexpired term can be reappointed. Vice Chairs of the Federal Reserve Board are nominated by the U.S. president from among the members of the Federal Reserve Board. The nomination is subject to confirmation by the Senate, and the vice chair serves for a term of four years.

Who Is the Fed Chair?

The chair of the Federal Reserve is Jerome H. Powell. He was sworn in for a second four-year term on May 23, 2022. He assumed the role following his confirmation in February 2018. He succeeded Janet Yellen, who was the first female chair to be appointed and served from 2014 to 2018. She became President Biden’s Treasury Secretary.

Who Are the Current Members of the Fed’s Board of Governors?

The seven individuals who serve on the Board of Governors of the Federal Reserve as of February 2025 are Jerome H. Powell (chair), Philip N. Jefferson (vice chair), Michael S. Barr (vice chair for supervision), Michelle W. Bowman, Lisa D. Cook, Adriana D. Kugler, and Christopher J. Waller.

Is Adriana Kugler Still Executive Director of the World Bank?

No. Kugler stepped down from her position as the U.S. executive director for the World Bank in 2023 to take a seat on the Federal Reserve Board of Governors. She was nominated to both positions by President Joe Biden.

The Bottom Line

Adriana Kugler, a Colombian-American labor economist and former U.S. executive director of the World Bank, was sworn in as a member of the Board of Governors of the Federal Reserve on Sept. 13, 2023. As of her appointment, she was the first Hispanic member of the board in its 109-year history.

In addition to policy roles, Kugler has held several academic positions including senior positions at Georgetown University. She is on leave from her position as a full professor at Georgetown’s McCourt School of Public Policy and Economics to serve on the Board of Governors of the Federal Reserve.