The Senate Banking Committee on Wednesday advanced the nominations of three people to serve on the Federal Reserve Board of Governors, including a nominee for vice chairman.
In a 23-0 vote, the committee approved the nomination of Philip N. Jefferson to serve as the Fed's vice chairman. Mr. Jefferson, who has served as a Fed governor since May 2022 and was previously vice president for academic affairs, dean of faculty and the Paul B. Freeland Professor of Economics at Davidson College, would replace Lael Brainard in the role. President Joe Biden in February named Ms. Brainard as his top economic adviser and director of the National Economic Council.
The committee also advanced the nominations of Lisa Cook and Adriana Kugler in respective 13-10 votes.
Ms. Cook, whom the Senate confirmed to the Fed board in May 2022 to complete a term that expires in January 2024, has been renominated for a full 14-year term. Prior to her current role, Ms. Cook taught economics and international relations as a professor at Michigan State University and was a research associate for the National Bureau of Economic Research. She also served as a senior economist on the Council of Economic Advisers under President Barack Obama from 2011 to 2012.
Ms. Kugler currently serves as the U.S. executive director at the World Bank Group, though she previously served as the Labor Department's chief economist under the Obama administration. If confirmed, she would fill a vacancy on the board for a term that expires in 2026.
"Because these nominees have all served the public during times of economic uncertainty, their judgment will add a unique perspective to the board as they weigh in on how to make our bank systems resilient and not susceptible to future bank failures," said Sen. Sherrod Brown, D-Ohio, the committee's chairman, according to a transcript posted on the committee's website. "At this time in our economic recovery, we need all seven Federal Reserve governors working to grow an economy with low prices and plentiful job opportunities."
The three nominations will now head to the full Senate for consideration. A vote a has yet to be scheduled.
In June, the Fed paused its interest rate hike campaign after 10 consecutive increases in its ongoing battle to tamp inflation. The Fed is widely expected to increase rates again at its next meeting on July 25-26.