WASHINGTON (AP) — President Joe Biden has nominated Philip Jefferson, a member of the Federal Reserve’s Board of Governors, to serve as vice chair of the board.

Biden has also chosen Adriana Kugler, a Georgetown University economist, to join the Fed’s board.

If confirmed by the Senate, she would become the first Hispanic American on the Fed’s interest-rate-setting committee.

The two nominations arrive as the Fed is grappling with an increasingly fraught economy marked by rising interest rates, still-high inflation and a shaky banking system.

The Fed has raised its benchmark interest rate 10 times, to the highest level in 16 years, to combat high inflation.

Last week, Chair Jerome Powell signaled that the Fed may now pause its rate increases.