The U.S. Senate on Wednesday voted overwhelmingly to confirm Philip Jefferson as the Federal Reserve’s Vice Chair.
Jefferson, an economist from Davidson College, has been a member of the Fed’s board of governors since 2022. Over the past year, Jefferson has supported Fed Chair Jerome Powell’s rapid interest rate hike strategy to quell inflation.
Jefferson has not spoken often about the Fed’s interest-rate policy. Earlier this year, he rejected calls to raise the Fed’s 2% annual inflation target.
In May, Jefferson said the Fed was “on track” to bring down still “too high” inflation.
Jefferson term as the Fed’s No. 2 will last for four years after he is sworn in. His term as a Fed governor is on a separate clock that does not expire until 2036.
Jefferson replaces Lael Brainard, who moved over to the Biden White House to become director of the National Economic Council.
