Philip Jefferson speaks throughout a Senate Banking, Housing, and City Affairs Committee affirmation listening to in Washington, D.C., U.S., on Feb. 3, 2022. The U.S. Senate on Wednesday voted overwhelmingly to substantiate Philip Jefferson, an economist and Davidson Faculty’s dean of school, to the Federal Reserve Board.
Ken Cedeno | Bloomberg | Getty Pictures
The U.S. Senate on Wednesday voted overwhelmingly to substantiate Philip Jefferson, an economist and Davidson Faculty’s dean of school, to the Federal Reserve Board.
Jefferson’s appointment was authorised by a 91-7 vote with the entire no votes coming from Republicans. He’s the fourth Black man to be a governor on the U.S. central financial institution. His time period runs to 2036.
Lawmakers on Thursday are anticipated at hand Jerome Powell a second time period as Fed chair, although that affirmation vote is prone to be by a slimmer margin.
Nonetheless, that vote will quantity not solely to an endorsement of his dealing with of the pandemic disaster and the devastating 2020 recession that marked his first time period, but additionally for the spherical of sharp rate of interest hikes he started in March to combat the decades-high inflation that’s marring his second.
Jefferson was confirmed a day after Vice President Kamala Harris forged a tie-breaking vote on the Senate flooring to substantiate one other of President Joe Biden’s nominees to the Fed, Michigan State College’s Lisa Cook dinner.
She is the primary Black girl to grow to be a Fed governor. Two Black governors have by no means earlier than served concurrently on the Fed Board.
For Jefferson, the affirmation marks a little bit of a return to his roots: his first job after graduating from Vassar Faculty in New York State was as a analysis assistant on the Fed.
Earlier than taking his present job at Davidson Faculty in North Carolina, he taught economics for greater than 20 years at Swarthmore Faculty in Pennsylvania, and earlier than that at Columbia College in New York. He has printed analysis on financial coverage and written extensively on wages, poverty, and earnings distribution.
The seven-member panel will nonetheless be one seat in need of its full complement.
Earlier this month Biden stated he would nominate former Treasury official Michael Barr to be the Fed’s vice chair of supervision. His preliminary choose for the job, Sarah Bloom Raskin, withdrew her identify after opposition from Republicans and one Democrat denied her a path to affirmation.