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.
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.
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.In a statement after the three nominees were voted out of committee, Sen. Tim Scott , the committee’s ranking member, noted the difference in support between the vote for Jefferson and the votes for Cook and Kugler.
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