WASHINGTON–The Federal Reserve Board is now back to its full complement of seven members following votes in the Senate.
By an 88-10 vote, the Senate has confirmed Phillip N. Jefferson to fill the post. He replaces former Fed Gov. Lael Brainard, who resigned in February to become chair of the White House National Economic Council (NEC).
Jefferson was confirmed to fill the vice chair’s term that ends in 2027; his term as a Fed governor ends in 2036.
Senators also confirmed Fed Governor Lisa Cook to a fresh 14-year term at the central bank, though they did so in a 51-47 vote that broke along partisan lines, noted Reuters. And, finally, Adriana Kugler was confirmed to a 14-year term on the board of governors, becoming the first Hispanic to serve on the panel.
Kugler was approved on a vote of 53-45, with Democrats and some Republicans supporting her confirmation.
Both Jefferson and Cook have a PhD in economics and became Fed governors in May of 2022 after long careers in academia, according to the report.
“They have voted for every interest rate hike since then as the central bank has lifted its benchmark overnight interest rate from the near-zero level in March 2022 to the current 5.25%-5.50% range,” Reuters reported.
FOMC Set to Meet
The Fed’s Open Market Committee will next meet Sept. 19-20, with most analysts predicting they will not raise rates further.
With interest rates now seen as high enough to slow the economy and cool the job market, Fed policymakers are widely expected to leave the policy rate unchanged at their Sept. 19-20 meeting.
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