WASHINGTON—The Senate Banking Committee has advanced to the full chamber President Biden’s three nominations to the Federal Reserve Board.
Philip Jefferson has been nominated for Vice Chair of the Federal Reserve Board of Governors. Jefferson is a current member of the Fed and, if confirmed, would succeed Lael Brainard as vice chair for the remaining four years of his term. He was advanced to the full Senate unanimously by the committee.
Lisa Cook has been nominated for a full 14-year term, while Adriana Kugler, the U.S. executive director of the World Bank, has been nominated to serve out the remaining three years of Brainard's former spot on the board. Cook and Kugler were advanced 13-10 out of the committee.
2nd African-American in Post
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, NAFCU noted.
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