Philip Jefferson nominated as Vice Chairman of the Fed
Key learning points
- Fed Governor Philip Jefferson was nominated by President Biden as Fed Vice Chairman.
- Jefferson succeeds Lael Brainard, who became White House economic adviser.
- Biden also nominated Adriana Kugler and nominated Lisa Cook to the Fed Board.
President Joe Biden has selected Federal Reserve Board Governor Philip Jefferson as Fed Vice Chairman, replacing Lael Brainard, who left in February to become the director of the president’s National Economic Council.
Jefferson joined the board a year ago after being confirmed by a vote of 91 to 7 in the Senate. Before that, he was vice president of academic affairs at Davidson College in Virginia. Previously, Jefferson was an economist at the Fed.
Jefferson has backed recent moves by the central bank to raise interest rates to try and bring down stubbornly high prices. Earlier this week, he noted that the economy is slowing “in an orderly manner,” and that should see inflation fall even as growth continues.
In addition to Jefferson, the White House announced that the president would nominate Adriana Kugler for the board of directors and nominate Lisa Cook for an additional full term.
In a written statement, President Biden indicated that the nominees “understand that this job is not partisan,” and plays a critical role in pursuing maximum employment, maintaining price stability and overseeing many of the nation’s financial institutions. .