The Senate on Wednesday confirmed Philip N. Jefferson as the Federal Reserve Board of Governors' next vice chairman.
Mr. Jefferson, who has served as a Fed governor since May 2022, was confirmed to a four-year term in an 88-10 vote. He will replace Lael Brainard, whom President Joe Biden in February named as his top economic adviser and director of the National Economic Council.
Mr. Jefferson was previously vice president for academic affairs, dean of faculty and the Paul B. Freeland Professor of Economics at Davidson College.
During his tenure on the Fed board, the central bank has steadily raised interest rates in an effort to curb 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.
The Senate this week will also consider two additional Fed board nominees: Lisa Cook and Adriana Kugler. Both their nominations were advanced out of the Senate Banking Committee in July.
