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Senate Confirms Philip Jefferson as Vice Chair of Federal Reserve

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4.5

Andrew R. Michaud

• September 06, 2023

The U.S. Senate has overwhelmingly voted to confirm Philip Jefferson as the Vice Chair of the Federal Reserve.

A Dedicated Economist

Philip Jefferson, an esteemed economist from Davidson College, has served as a member of the Fed's board of governors since 2022. Throughout the past year, Jefferson has been a strong advocate for Fed Chair Jerome Powell's strategy of swiftly raising interest rates in order to combat inflation.

A Unique Perspective

Although Jefferson has not been very vocal about the Fed's interest-rate policy, earlier this year, he firmly opposed suggestions to raise the Fed's 2% annual inflation target. In May, he expressed confidence that the Fed was making progress in curbing inflation that still remained "too high."

A Promising Tenure

Jefferson's term as the Fed's Vice Chair will span four years from the time of his swearing-in. Moreover, his tenure as a Fed governor will continue until 2036, providing stability and continuity.

A Smooth Transition

Jefferson takes over from Lael Brainard, who recently transitioned to the Biden White House to assume the role of director of the National Economic Council.

With his wealth of experience and expertise, Philip Jefferson is poised to play a pivotal role in shaping the Federal Reserve's policies and ensuring a strong and stable economy.