WASHINGTON—President Joe Biden has nominated Philip Jefferson for vice chair of the Federal Reserve Board of Governors.
Jefferson is a current member of the board and, if confirmed, would succeed Lael Brainard as vice chair and serve for the remaining four years of her term. Brainard has been named by President Bident to serve as director of the National Economic Council.
In addition, Biden nominated current board member Lisa Cook for a full 14-year term, and Adriana Kugler, the U.S. executive director of the World Bank, to serve out the remaining three years of Brainard's former spot on the board.
If confirmed, Jefferson would become the second African American to fill the deputy post, and Kugler would be the first Latino ever nominated to the Board of Governors.
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