That Makes Two Latino Economists as Top Fed Policymakers

Today, former LCDA member Alberto G. Musalem was the first Hispanic named President and CEO of the Federal Reserve Bank of St. Louis . Born in Bogotá, Colombia, Musalem is the second Latino economist to become a top Fed policymaker, following the confirmation of Adriana Kugler as a Board of Governor for the Federal Reserve System in 2023. Adriana Debora Kugler is a Colombian-American economist, currently serving as the U.S. Executive Director at 世界银行 . She was nominated by President Biden and confirmed by the U.S. Senate last April.

In 2020, LCDA took a significant step in promoting diversity and inclusion in the financial sector by launching an awareness campaign. This campaign aimed to increase visibility of opportunities at the Federal Reserve Bank, specifically targeting the President and CEO role, as well as positions on the Federal Home Loan Bank board of directors. The intent was to amplify Latino representation in the talent pipeline and encourage consideration for these influential roles.

According to the Federal Reserve Bank of St. Louis press release , “Musalem has more than 27 years of public and private sector experience in economic policy, finance and markets. Most recently, he was CEO, co-chief investment officer and co-founder of Evince Asset Management LP , a quantitative investment technology company. Prior to Evince, he was executive vice president and senior advisor to the president at the Federal Reserve Bank of New York , where he was head of integrated policy analysis, international affairs and a member of the Bank’s Management Committee. Prior to the New York Fed, he was managing director, partner and global head of research at Tudor Investment Corporation focusing on the interaction of economic policy, macroeconomic performance and markets. As an economist at the International Monetary Fund, he worked with IMF teams and country authorities on monetary policy and inflation targeting frameworks, fiscal responsibility rules and banking systems during the emerging market crises of the late 1990s.”

"The Federal Reserve plays a central role in steering the economy, and having Latino representation at the decision-making table is a monumental step toward a more inclusive financial future. These positions wield significant power, shaping policies that directly affect our communities' access to financial resources, housing opportunities, and economic growth,” stated LCDA President and CEO, Ozzie (Oswaldo) Gromada Meza .

The significance of Latinos in the Federal Reserve and banking systems cannot be overstated. Their presence amplifies the voice of U.S. Latinos, who rank as the fifth-largest economy in the world with a GDP of $3.2 trillion . Federal Reserve policies hold immense sway over the nation's economic landscape, influencing everything from interest rates to employment opportunities.

LCDA’s commitment extends beyond mere acknowledgment of these influential roles; by serving as a resource and bridging the talent gap , LCDA takes pride in supporting , developing, and preparing executive Latino talent.