All seven seats on the Federal Reserve Board of Governors are now filled as the Senate confirmed two more nominees.
In a 51-47 vote Wednesday, the Senate approved Lisa Cook's renomination. Ms. Cook, whom the Senate originally confirmed to the Fed board in May 2022 to complete a term that expires in January 2024, was confirmed to serve a full 14-year term that expires in 2038. 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.
Then on Thursday, the Senate in a 53-45 vote confirmed Adriana Kugler to fill a board vacancy for a term that expires in 2026. 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.
Earlier on Wednesday, the Senate approved Philip N. Jefferson as Fed board vice chairman in an 88-10 vote.
The three confirmations give the Fed a full complement of board members as it continues its work combating inflation.
The Fed has raised the federal funds rate, which is now at its highest level since 2001, 525 basis points since March 2022, including a quarter-point rate hike at its July 26 meeting. The federal funds rate now stands at a range of 5.25% to 5.5%, and Fed Chairman Jerome H. Powell has signaled additional hikes might be warranted.
