- Fed Governor Philip Jefferson was nominated by President Biden as Fed vice chair.
- Jefferson is to replace Lael Brainard, who became a White House economic adviser.
- Biden also nominated Adriana Kugler and renominated Lisa Cook to the Fed Board.
President Joe Biden has chosen Federal Reserve Board Governor Philip Jefferson to be the Fed vice chair, replacing Lael Brainard, who left in February to be the president’s National Economic Council director.
Jefferson joined the Board a year ago after being confirmed by a 91-7 vote in the Senate. Prior to that he was vice president of academic affairs at Davidson College in Virginia. Previously, Jefferson served as an economist at the Fed.
Jefferson has supported recent steps by the central bank to raise interest rates to try to bring down stubbornly high prices. Earlier this week, he noted that the economy is slowing in “an orderly fashion,” and that should allow for inflation to decline even as growth continues.
In addition to Jefferson, the White House announced that the president was nominating Adriana Kugler to the Board of Governors, and renominating Lisa Cook for an additional full term.
In a written statement, President Biden indicated that the nominees “understand that this job is not a partisan one,” and plays a critical role in pursuing maximum employment, maintaining price stability, and supervising many of the country’s financial institutions.