Senate grills Federal Reserve System nominees

Additionally, the hearing discussed the nomination of Dr. Philip Nathan Jefferson to serve as vice chair of the board.

This hearing focused largely on the Federal Reserve's dual mandate, its joint goals of price stability and maximum sustainable employment. Fetterman focused his questions to the nominees on how their experience and expertise in labor economics and monetary policy will shape their work on the board of governors.

"I believe that it is critical for the Fed to create an economy that truly works for working people," Fetterman said.

The senator directed his initial questions to Cook, a current member of the board of governors. He mentioned how his predecessor, former U.S. Sen. Pat Toomey (R-PA), opposed her nomination.

In his questions to Cook, Fetterman cited her experience in economics, including her role as senior economist on the Council of Economic Advisers under former President Barack Obama, and asked how these experiences have informed her time on the board.

Fetterman then turned his questioning to Kugler, who currently serves as U.S. executive director to the World Bank.

Fetterman met with Kugler last week to discuss her nomination and improving economic conditions for working people. Kugler spoke to her qualifications for the role, highlighting the work she has done as a labor economist. As chief economist at the Department of Labor, she developed policies and programs on unemployment insurance, training programs, retirement benefits, overtime pay and minimum wage. In her current role as executive director of the World Bank, Kugler works to combat inflation domestically and internationally.

While inflation is declining, consumers are still feeling the effects in their day to day lives. Fetterman said he believes it is the duty of the Federal Reserve to ease these economic pressures on working people by lowering inflation in a tangible way and supporting job-creating policies.

Fetterman supports the appointment of these nominees, all of whom have impressive resumes with considerable experience in evidence-based policymaking that has resulted in economic growth, productivity and innovation.

Last year, Cook became the first woman of color on the board. If confirmed, Kugler would be the first Latino person to serve on the board.

Fetterman's line of questioning can be found here and the full hearing can be found here.