Who Is Adriana Kugler?

Adriana Kugler is a Colombian-born economist who most recently 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.

Early Life and Education

Adriana Kugler was born in the United States, but 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. 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 also been affiliated with various research organizations and networks as a research associate, research fellow, senior fellow, or board member. Some of these include the National Bureau of Economic Research (NBER) in the Labor Studies program; the Centre for Economic Policy Research (CEPR) in London; and the Center for American Progress. She 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.

Why It Matters

Kugler’s placement on the Federal Reserve’s Board of Governors is significant for several reasons. First, it reflects Biden’s commitment to diversify the leadership of the Federal Reserve System, which has historically been dominated by White men.

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 importance of diversity and inclusiveness 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.

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.

This appointment reflected Biden’s commitment to diversifying the leadership of the Federal Reserve System and emphasized the importance of diversity and inclusiveness in key policymaking institutions. In addition to policy roles, Kugler has held several academic positions, including senior positions at Georgetown University.