Biden plays Fed musical chairs, nominating Philip Jefferson for vice chair and Adriana Kugler for a spot on the board.
United States President Joe Biden has announced his nomination of two people for key positions on the Federal Reserve, including a new Fed governor and economist Philip Jefferson as vice chair.he would put forward Fed governor Philip Jefferson’s name to become the next vice chair of the central bank, replacing Lael Brainard, who resigned in February. The U.S. President added that Adriana Kugler, a former chief economist for the U.S.
“These nominees understand that this job is not a partisan one, but one that plays a critical role in pursuing maximum employment, maintaining price stability, and supervising many of our nation’s financial institutions,” said President Biden. The nominations will move to Congress, where a full Senate vote is required before the candidates take their respective positions at the Fed. Though the Democrats hold a slim majority in the Senate, partisanshipin moving Biden’s picks forward. In a May 12 statement, House Financial Services Committee chair Patrick McHenry — a Republican — described the nominees as “seasoned economists” and said lawmakers would hold them to account in considering their positions.
If confirmed by the Senate, Jefferson would serve as Fed vice chair as part of his existing term as governor until 2036 and Kugler for a 14-year term likely ending in 2037. Cook’s current term is expected to end in 2024 should she not receive congressional confirmation. As I assume my duties as a Federal Reserve Board Governor, I am beyond grateful to my family, friends, colleagues, mentors, former students,
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