Friday, 20 Jun 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > Money > Senate Confirms Philip Jefferson as a Fed Governor
Money

Senate Confirms Philip Jefferson as a Fed Governor

Enspirers | Editorial Board
Share
Senate Confirms Philip Jefferson as a Fed Governor
SHARE

Philip N. Jefferson, a college administrator and academic economist, was confirmed to the Federal Reserve’s Board of Governors on Wednesday.

Senators approved him for the job in an overwhelming bipartisan 91-7 vote. He is the third of President Biden’s nominees to secure a spot on the Fed’s seven-person board: Lisa D. Cook was confirmed as a governor on Tuesday, and Lael Brainard was confirmed as vice chair last month.

Mr. Jefferson, who was most recently vice president for academic affairs at Davidson College, was born in Washington, D.C., and holds a Ph.D. in economics from the University of Virginia. He has been an economist at the Fed board, and has written about poverty and monetary policy’s effect on the labor market, among other topics.

The White House has also renominated Jerome H. Powell as Fed chair, though Mr. Powell is still awaiting a final confirmation vote. Senators said that vote was expected as soon as Thursday.

The administration’s nominee for the final open Fed job — the vice chair for supervision — has yet to have a committee hearing and vote. Mr. Biden’s initial nominee for the position, Sarah Bloom Raskin, withdrew from consideration after it became clear that she would not pass the Senate. Michael S. Barr was put up for the job more recently.

If those picks are confirmed, Mr. Biden will have nominated or renominated five of the Fed’s seven governors. The Fed is independent of politics, so those appointments are the main way that the White House can shape the future of monetary policy, which is used to keep inflation stable and employment high.

Governors at the Fed’s board in Washington hold constant votes on monetary policy and oversee the nation’s largest banks. They set interest rates to guide the economy alongside 12 regional reserve bank presidents, five of whom hold a vote on monetary policy at any given time.

Mr. Jefferson and Ms. Cook are likely to support the Fed’s current project: reining in rapid inflation. Consumer prices climbed 8.3 percent in the year through April, data released Wednesday showed, an uncomfortably rapid pace of increase. Fed officials are raising rates at the fastest pace in decades as they try to tamp down price pressures and bring the situation under control.

“The spike in inflation we are seeing today threatens to heighten expectations of future inflation,” Mr. Jefferson said during his confirmation hearing. “The Federal Reserve must remain attentive to this risk and ensure that inflation declines to levels consistent with its goals.”

TAGGED:Banking and Financial InstitutionsFederal Reserve SystemJefferson, Philip NSenateThe Washington MailUnited States Economy
Share This Article
Twitter Email Copy Link Print
Previous Article China fights economic slump, sticks to costly ‘zero COVID’ China fights economic slump, sticks to costly ‘zero COVID’
Next Article Live updates | Top Russia official warns of war with NATO Live updates | Top Russia official warns of war with NATO

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

Putin is making strategic mistakes because nobody in the Kremlin can tell him he’s wrong, UK intelligence chief says

Putin's strategy is failing because he has "little effective internal challenge," per a UK intel…

By Enspirers | Editorial Board

Another Covid Surge May Be Coming. Are We Ready for It?

“We should be reading about how the federal government is using its resources to go…

By Enspirers | Editorial Board

How 6 generations of iPhone captured 20 years of motherhood in ‘Motherboard’

One of many BFI London Movie Competition’s (LFF) most pleasant discoveries this yr has been…

By Enspirers | Editorial Board

Daily Briefing: Russia’s exit from Kherson

The Kremlin remained defiant Friday that its retreat from the Ukrainian city of Kherson in no…

By Enspirers | Editorial Board

You Might Also Like

How To Make A Price range: 12 Straightforward Methods To Do It (The Full Information) – Dollarsanity
Money

How To Make A Price range: 12 Straightforward Methods To Do It (The Full Information) – Dollarsanity

By Enspirers | Editorial Board
Younger carer who unwittingly breached allowance guidelines compelled to repay £2,000
Money

Younger carer who unwittingly breached allowance guidelines compelled to repay £2,000

By Enspirers | Editorial Board
10 Outdated-Original Cleansing Suggestions from Grandma – Dollarsanity
Money

10 Outdated-Original Cleansing Suggestions from Grandma – Dollarsanity

By Enspirers | Editorial Board
Don’t Die With out Doing These 10 Issues First
Money

Don’t Die With out Doing These 10 Issues First

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?