1 year ago
104 Dr. Philip Nathan Jefferson, of North Carolina, nominated to beryllium a Member of the Board of Governors of the Federal Reserve System, speaks during a Senate Banking, Housing and Urban Affairs Committee confirmation proceeding connected Capitol Hill successful Washington, D.C., U.S., February 3, 2022.
Ken Cedeno | Reuters
Federal Reserve Governor Philip Jefferson volition beryllium nominated by President Joe Biden to beryllium vice president of the cardinal bank's board, the White House announced Friday.
Though 1 of the newest members of the Board of Governors, Jefferson would instrumentality implicit a cardinal policymaking presumption astatine a clip erstwhile the Fed is trying to tamp down ostentation without causing a harmful recession.
Biden besides said helium volition nominate Adriana Kugler for a vacant governor's spot and Lisa Cook for different word arsenic governor. Kugler is presently the U.S. typical to the World Bank and would beryllium the archetypal Latina connected the board, portion Cook has been connected the committee since May 2022.
"These nominees recognize that this occupation is not a partisan one, but 1 that plays a captious relation successful pursuing maximum employment, maintaining terms stability, and supervising galore of our nation's fiscal institutions," Biden said successful a statement. "I americium assured these nominees volition assistance physique upon the historically beardown economical betterment we person had nether my Administration."
The moves, which volition request Senate confirmation, travel arsenic the Fed besides is navigating its mode done a banking situation that has seen aggregate determination institutions shuttered implicit the past 2 months.
The Senate confirmed Jefferson to the committee successful May 2022, 4 months aft helium was nominated by President Joe Biden.
Since taking his seat, Jefferson has been comparatively quiescent connected the argumentation front. In caller remarks, helium argued against raising the Fed's 2% ostentation people and said helium wasn't particularly disquieted astir the gait astatine which the system is slowing. He has voted for each of the involvement complaint increases approved since helium took his seat.
As vice chair, helium takes a presumption past occupied by Lael Brainard, who is present Biden's manager of the National Economic Council. Known arsenic 1 of the much progressive members of the board, Brainard argued against loosening regulations for determination banks and had been an advocator for the survey of whether the Fed should follow a cardinal slope integer currency.
Before coming to the Fed, Jefferson was a prof of economics arsenic good arsenic vice president for world affairs and dean of module astatine Davidson College. He besides has worked arsenic a prof astatine Columbia University and Swarthmore College arsenic good arsenic a probe economist for the Fed.
The information was not unexpected; aggregate media outlets had reported that Jefferson was Biden's apt prime arsenic vice chair.
If confirmed, Jefferson would beryllium the 2nd Black to clasp the vice seat position. Cook is the archetypal Black pistillate to service connected the board.
Senate Banking Committee Chairman Sherrod Brown applauded the nominations.
The nominees "reflect the vibrant diverseness of our country, and the radical who marque it work," Brown said successful a statement.
—With reporting by Kayla Tausche
