Philip Jefferson confirmed as vice chairman of the Fed as it tries to bring down inflation
Zachary Halaschak
Video Embed
The Senate on Wednesday approved the nomination of Philip Jefferson to serve as vice chairman of the Federal Reserve Board of Governors in a wide bipartisan vote.
Jefferson, 61, has been a member of the Board of Governors since May of last year and attracted wide bipartisan support during his first confirmation process. His nomination was approved by a 88-10 vote, with only Republicans opposed.
He had received a unanimous vote in July to be advanced from the Senate Banking Committee to the full chamber.
Jefferson will serve in the No. 2 role in the central bank and will work closely with Fed Chairman Jerome Powell to ensure that monetary policy and Fed decisions are in line with the central bank’s dual mandate of promoting maximum employment and price stability, the later which has been a key focus as inflation tears through the economy and undercuts families’ purchasing power.
LAWMAKERS RETURN TO CAPITOL HILL WITH TICKING CLOCK AND HEFTY TO-DO LIST
Later on Wednesday, the Fed is scheduled to vote on two other of President Joe Biden’s Fed nominees, both 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 be largely along party lines, as both were approved by the Banking Committee in 13-10 votes. All Republicans voted against the two except for Sen. Mike Rounds (R-SD).
Cook has already served on the Board of Governors for just over a year. During her previous confirmation, Cook faced questions from GOP lawmakers about perceptions of partisanship and lack of experience working with monetary policy.
Kugler is currently the executive director of the World Bank, which she has led since May 2022.
In a statement after the three nominees were voted out of committee, Sen. Tim Scott (R-SC), the committee’s ranking member, noted the difference in support between the vote for Jefferson and the votes for Cook and Kugler.
“Presidential nominees should inspire confidence, have a strong respect for the rule of law, and support policies that promote the American dream. I believe only one of the three Federal Reserve nominees before us today fits this mold,” Scott said.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Meanwhile, Sen. Sherrod Brown (D-OH), the committee’s chairman, has praised all three nominees. In a statement from July, he touted their “historic” nominations and said they have received support from an “impressive cross-section of groups and organizations.”
“Because these nominees have all served the public during times of economic uncertainty, their judgement will add a unique perspective to the Board as they weigh in on how to make our bank systems resilient and not susceptible to future bank failures,” Brown said.