President Joe Biden has nominated Federal Reserve Governor Philip Jefferson, 61, to become the central bank’s vice chair — making him No. 2 to Fed Chair Jerome Powell. Adriana D. Kugler…
President Joe Biden on Friday made two historic nominations to the Federal Reserve’s board — the first Latina governor and the second black vice chair.
Jefferson — who became a Fed governor last year when Biden’s three picks set the seven-member board up to be it’s most diverse yet — was elevated to replace Lael Brainard. Also Friday, Lisa Cook — who joined the Fed at the same time as Jefferson did last year — was re-nominated to a full 14-year term on the Board of Governors. Should she accept, her term will be extended from its current January 2024 end date.
Biden nominated the US executive director of the World Bank, Adriana D. Kugler, to fill the governor seat Jefferson is leaving vacant.The nominations to the world’s top central bank come as the Fed opens a new chapter in its battle against high inflation.. He cited a “meaningful change” of the Fed’s language from its March statement that eliminated a key phrase — that additional policy increases might be appropriate, suggesting that a pause is very likely.
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