Menendez Presses Biden in Person to Nominate Latino to Fed Board

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(Bloomberg) -- US Senator Robert Menendez urged President Joe Biden to nominate a Latino to a vacancy on the Federal Reserve Board of Governors, according to an aide to the senator.

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Menendez spoke to Biden Thursday following a lunch at the Capitol in Washington. The senator, a New Jersey Democrat, has repeatedly called for a Latino to be appointed to a leadership position at the Fed, including in a letter last month he and most of the Congressional Hispanic Caucus sent to Biden. In its 109 year history, the central bank has never had a Latino leader.

A spot on the seven-member Fed Board opened up last month when Vice Chair Lael Brainard resigned. Biden has appointed her to lead the National Economic Council.

Biden spoke briefly with Menendez, according to the aide. Menendez told Biden he has put forward names of qualified Latino candidates but that his ultimate goal is for a Latino to be confirmed, regardless of whether it’s someone he suggested or another person the White House is considering.

So far, none of the people that have emerged as top contenders are Latino.

A White House official said a diverse pool of candidates is being considered, including Latino people.

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