Philip Jefferson appointed as Fed’s vice chairman in efforts to combat inflation.
The Senate Approves Philip Jefferson as Vice Chairman of the Federal Reserve Board
The Senate, in a wide bipartisan vote, has approved the nomination of Philip Jefferson to serve as vice chairman of the Federal Reserve Board of Governors.
Jefferson, 61, has been a member of the Board of Governors since May of last year and garnered significant bipartisan support during his initial confirmation process. His nomination received an impressive 88-10 vote, with opposition only from Republicans.
In July, Jefferson received a unanimous vote to advance from the Senate Banking Committee to the full chamber.
Jefferson’s Role and Responsibilities
As the No. 2 in the central bank, Jefferson will work closely with Fed Chairman Jerome Powell to ensure that monetary policy and Fed decisions align with the central bank’s dual mandate of promoting maximum employment and price stability. The latter has become a crucial focus as inflation impacts the economy and diminishes families’ purchasing power.
Upcoming Votes on President Biden’s Fed Nominees
Later today, the Fed is scheduled to vote on two other nominees for President Joe Biden’s administration, both of whom are more controversial and politically divisive than Jefferson.
The full Senate will vote on the nominations of Lisa Cook and Adriana Kugler, both to serve terms on the Board of Governors. The votes are expected to largely follow party lines, as both nominees were approved by the Banking Committee in 13-10 votes. All Republicans, except for Sen. Mike Rounds (R-SD), voted against the two nominees.
Cook has already served on the Board of Governors for just over a year. During her previous confirmation, she faced questions from GOP lawmakers regarding perceptions of partisanship and her lack of experience working with monetary policy.
Kugler currently serves as the executive director of the World Bank, a position she has held since May 2022.
Senators’ Statements on the Nominees
After the three nominees were voted out of committee, Sen. Tim Scott (R-SC), the committee’s ranking member, highlighted the difference in support between the vote for Jefferson and the votes for Cook and Kugler. Scott emphasized the importance of presidential nominees inspiring confidence, respecting the rule of law, and supporting policies that promote the American dream.
Meanwhile, Sen. Sherrod Brown (D-OH), the committee’s chairman, praised all three nominees. In a statement from July, he commended their “historic” nominations and noted the support they have received from a diverse range of groups and organizations.
As lawmakers return to Capitol Hill with a ticking clock and a hefty to-do list, the confirmation of these nominees will play a significant role in shaping the future of the Federal Reserve and its policies.
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