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US Senate Confirms Economist Jefferson To Federal Reserve Board

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Jefferson will be the fourth Black man to be a governor at the U.S. central bank, and his term will run to 2036. This confirmation marks a return to his roots since his first job after graduating from Vassar College in New York State was as a research assistant at the Fed

Ninety-one votes elected Jefferson in favor and seven votes against. No Republican Party (RP) legislators supported him since he was President Joe Biden’s nominee.

The U.S. Senate voted overwhelmingly to appoint Davidson College Economics Faculty Dean Philip Jefferson to the Federal Reserve Board on Wednesday.

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Ninety-one votes elected Jefferson in favor and seven votes against. No Republican Party (RP) legislators supported him since he was President Joe Biden’s nominee.

Jefferson will be the fourth Black man to be a governor at the U.S. central bank, and his term will run to 2036. This confirmation marks a return to his roots since his first job after graduating from Vassar College in New York State was as a research assistant at the Fed.

He also taught economics at Swarthmore College in Pennsylvania, Columbia University in New York, and Davidson College in North Carolina. He published research on monetary policy, wages, poverty, and income distribution.

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Africa Archives ™ (@Africa_Archives) May 7, 2022 On Thursday, Michigan State University Teacher Lisa Cook became the first Black woman to be elected as a Fed worker after winning a 51-to-50 vote tie broken by Vice President Kamala Harris.

Both Cook and Jefferson will join the U.S. central bank as it faces the challenge of reining in the national 40-year-high inflation, straining household budgets and sapping President Joe Biden’s approval ratings.

On Thursday, lawmakers are expected to re-elect Jerome Powell as the Fed chair. Nevertheless, some legislators forcibly argued that they would not support Powell since he mismanaged the economic crisis.

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