Philip Jefferson chosen as Fed Vice Chairman

(Washington) US President Joe Biden announced on Friday the appointment as vice-chairman of the US central bank (Fed) of economist Philip Jefferson, one of the institution’s governors, to replace Lael Brainard, who has become director of the White House economic advisers.

If confirmed by the Senate, Philip Jefferson, who joined the Fed in May 2022, would become the Fed’s second African-American vice chairman.

“Last year, the Senate confirmed the D^r Jefferson as a member of the Board of Governors in a strong, bipartisan vote of 91 to 7 and I look forward to his early confirmation as Vice President,” Joe Biden commented in the statement.

In addition, Governor Lisa Cook, appointed by Joe Biden and who was the first African-American woman to sit on the Fed, should see her mandate renewed for a period of 14 years. She had indeed, on her arrival in this position in May 2022, taken over the mandate of her predecessor, which expires in January 2024.

“The D.^r Jefferson and the D^r Cook will continue to bring valuable knowledge, expertise and continuity to the Fed at a critical time for our economy and our families across the country,” added the US President.

It is indeed the Fed that has the heavy task of bringing down inflation in the United States, while maintaining full employment.

“These candidates understand that this work is non-partisan, but plays a vital role in achieving full employment, maintaining price stability, and overseeing many financial institutions in our country,” he added. Joe Biden.

The US president also announced the appointment as governor of Adriana Kugler, currently the US representative to the World Bank, who would become the Fed’s first Hispanic official.

“The D.^r Kugler is a highly qualified and respected economist with deep expertise in labor markets, labor mobility and youth employment,” the President said.

She started her career at the San Francisco Fed, served as the Labor Department’s chief economist and was confirmed last year with bipartisan support to represent the United States at the World Bank, the White House says.