The U.S. Senate confirmed economist Philip Jefferson as a Federal Reserve governor on Wednesday evening, adding a third nominee of President Joe Biden to the central bank’s board.
The vote was 91 to 7.
During his confirmation hearing, Jefferson’s experience and commitment to follow the Fed’s limited mandates had earned Republican plaudits, while Democrats have praised his research on poverty and the diversity he’ll add to the board. He was the only Biden Fed nominee to win unanimous backing from the Banking Committee.
Senate Democrats announced Wednesday night that they expect to vote Thursday afternoon to confirm Jerome Powell to a second term as Fed chair.
Economist Lisa Cook, who was opposed by Republicans, won confirmation by the narrowest margin on Tuesday with Vice President Kamala Harris providing the tie breaking vote. Lael Brainard was confirmed as Fed vice chair last month.
Absences caused by COVID-19 cases among Democrats in the evenly divided Senate had delayed Cook’s confirmation vote, which also backed up votes on Jefferson and Powell even though they had bipartisan support.
Senate Banking Chair Sherrod Brown said his committee plans to hold a hearing on another Biden Fed nominee, Michael Barr, on May 19.
Jefferson has a doctorate in economics from the University of Virginia and is the vice president for academic affairs, dean of faculty and an economics professor at Davidson College in North Carolina. He served as an economist in the Fed’s monetary affairs division from 1996 to 1997, and as a research assistant in the fiscal analysis section from 1983 to 1985.
Jefferson becomes just the fourth Black man to join the Fed’s Board. His and Cook’s nominations came as pressure mounted to make the 108-year-old institution more representative of the economy it is charged with shepherding.
He joins the Fed amid a fight against inflation. Price increases on everything from rent to groceries are at a 40-year high, plaguing consumers and weighing on Biden’s approval rating.
The Fed has raised rates twice this year, including a 50-basis-point hike at its meeting earlier this month. Officials have indicated similar rate increases are on the table for the next couple of meetings.
