University administrator and academic economist Philip N. Jefferson was ratified by the Federal Reserve’s Board of Governors on Wednesday.
Senators approved him for office by an overwhelming, bipartisan 91-7 vote. He is the third of the Fed’s seven board members nominated by President Biden, with Lisa D. Cook as governor on Tuesday and Lael Brainard as vice-chairman last month.
Mr Jefferson most recently Born in Washington, D.C., he received his PhD as Vice President of Academic Affairs at Davidson College. PhD in Economics from the University of Virginia. He has served as an economist on the Fed’s board of directors and has written about poverty and the impact of monetary policy on the labor market.
The White House also nominated Jerome H. Powell as Fed Chairman, but Powell is still awaiting a final confirmation vote. Senators said a vote is expected on Thursday.
The administration’s nominee (the vice-chairman of supervision) for the last public office in the Federal Reserve has not yet received committee hearings and votes. Biden’s initial candidate, Sarah Bloom Raskin, resigned from Goryeo after it became clear that she would not pass the Senate. Michael S. Barr was recently hired.
If these choices are confirmed, Biden will nominate or re-nominate five of the Fed’s seven governors. Since the Fed is politically independent, these appointments are a key way the White House can shape the future of monetary policy used to keep inflation stable and employment high.
The heads of the Federal Reserve’s board of directors in Washington conduct an ongoing vote on monetary policy and oversee the nation’s largest bank. Together with 12 regional reserve bank governors, they have set interest rates that will drive the economy, five of whom have the right to vote on monetary policy at any given time.
Jefferson and Ms. Cook looks likely to support the Fed’s current project, containment of rapid inflation. Consumer prices rose 8.3% in the year to April, data released on Wednesday, which is an uncomfortably fast pace. Fed officials are raising rates at the fastest rate in decades to ease price pressure and keep the situation under control.
“The surge in inflation we’re seeing today could raise expectations for future inflation,” Jefferson said. during his confirmation Listening. “The Fed should heed this risk and ensure that inflation falls to a level consistent with its target.”