Federal Reserve Governor Philip Jefferson has been nominated by President Joe Biden to serve as the central bank’s next vice chair.
If confirmed by the Senate, Jefferson would replace Lael Brainard, who resigned from her position in February to become the president’s chief economic adviser. He was widely expected to become the next Fed’s second in command before the announcement.
The White House announced on May 12 that the president plans to nominate Adriana Kugler, a Georgetown University economist and the World Bank Group Executive Director for the United States, to serve as a member of the Fed’s Board of Governors. Biden also intends to renominate Lisa Cook, who was confirmed by the Senate last year, to a full term on the Board of Governors….