(Bloomberg) -- The Senate confirmed Philip Jefferson as vice chair of the Federal Reserve on an 88-10 vote Wednesday, with other central bank nominations also on deck for confirmation votes.
Jefferson, who will be the second Black person to hold the vice chair post, will continue to hold a separate term as governor, which runs through 2036. The vice chair term lasts four years.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Jefferson, 61, has backed every Fed interest-rate decision since he joined the Board of Governors, as the central bank hiked borrowing costs aggressively last year before slowing the pace of increases. Jefferson also signaled a likely pause in hikes ahead of the Fed's decision in June to hold rates steady.
Much closer votes are expected this week to confirm Fed Governor Lisa Cook for her reappointment to a full 14-year term and Adriana Kugler to the governor slot previously held by Lael Brainard, who is now a top economic adviser to President Joe Biden. Jefferson had unanimous backing in the Banking Committee while Mike Rounds of South Dakota was the only Republican on the panel to support Cook and Kugler.
All three in their confirmation hearing pledged to work to bring down inflation. Jefferson and Cook also backed tailoring bank regulations as the Fed considers higher capital requirements in the wake of bank failures, including Silicon Valley Bank's collapse earlier this year. Many Republicans have expressed concerns that new bank regulations could go too far and weaken the economy.
Democrats, meanwhile, have touted the historic diversity of Biden's Fed picks, with Kugler the first Hispanic Fed governor and Jefferson and Cook both Black.
“If confirmed, our Board of Governors will better reflect the country, and the people who make it work,” Senate Banking Chairman Sherrod Brown said.
Jefferson has previously served as an economist at the Fed, an economics professor and dean at Davidson College and chair of the economics department at Swarthmore College.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.