Biden nominates Jefferson for Fed vice chair, Kugler to be first Hispanic governor

President Joe Biden will nominate Federal Reserve Governor Philip Jefferson to be vice chairman of the central bank's board.
Biden will also nominate Adriana Kugler for a vacant governor's seat, and she would be the first Latina on the board if confirmed.
Lisa Cook was renominated for another full term as governor.
The nominations aim to make the Fed's leadership more diverse and reflective of the country it serves.
The Senate must confirm all nominations before the individuals can take up their new roles at the Fed.