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May 19, 2023

The National Bankers Association Applauds President Biden’s Nominations to the Federal Reserve Board of Governors

National Bankers Association President and CEO Nicole Elam Esq. issued the following statement on the Biden Administration’s recent nominations to the Federal Reserve Board of Governors.

“The National Banker’s Association (NBA) applauds the Biden Administration for its recent nominations to the Federal Reserve Board of Governors. If confirmed, these nominees will go a long way in helping our country during trying economic times and ensuring that the communities our member institutions serve are included in the recovery.

Dr. Lisa Cook, known for her authority on banking systems and economic growth, is a longstanding supporter of minority depository institutions and deserves a full 14-year term. We are pleased she has received that from the President.

Dr. Adriana Kugler, if confirmed, will make history as the first Latina member to serve on the Board of Governors. Not only will Dr. Kugler’s presence help to further ensure that the Fed represents the diversity of the public they serve, but her wealth of experience, particularly on issues surrounding the labor market, will be critical to building on the job growth we’ve seen and created an even stronger and more inclusive economy.

Dr. Phillip Jefferson has been nominated for the position of Vice Chair. For the past year, Dr. Jefferson has played an essential role in supporting job creation and economic stability in the U.S., and I am confident that he will continue this effort as Vice Chair.If confirmed, we look forward to working with the entire Board to enhance the agency’s work to preserve and promote Minority Depository Institutions (MDIs).

It’s been 30 years since the current federal MDI statute was enacted. The Board’s actions to date are essential steps in the right direction. Yet, much work remains to reverse the significant damage to minority communities; we anticipate that bank examiners will increase their understanding of the unique operating environments associated with our member institutions’ economically distressed communities. We urge the Board to emphasize the current law’s mandate of collaboration in the regulatory treatment of our banks, which have remained mission-focused while maintaining safe and sound institutions that protect the hard-earned resources of our customers. Economic policymakers and regulators must be diverse in thought, background, and lived experience.

Again, we enthusiastically support Dr. Cook, Dr. Kugler, and Dr. Jefferson’s nominations and urge the Senate to swiftly confirm these nominations.”

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