Philip Jefferson was nominated for a key policy advisory role recently vacated when Lael Brainard took a top position in Biden’s White House economics team
U.S. President Joe Biden on Friday nominated Federal Reserve Governor Philip Jefferson to be the central bank’s vice chair, a key policy advisory role recently vacated when Lael Brainard took a top position in Biden’s White House economics team.
A Colombian-American, Kugler would be the first-ever Latina on the Fed Board of Governors, addressing the long-standing complaints of Senator Bob Menendez, an influential Democrat who has decried the historic absence of Hispanics in U.S. central bank leadership. For that reason, Menendez was one of only five Democrats to oppose Biden’s reappointment of Powell last year. Both Jefferson and Kugler must win confirmation from a closely divided Senate.
“This is quite an elegant solution,” LH Meyer’s Derek Tang said after reports of Biden’s plans for the two nominations surfaced in early May, noting that Jefferson sailed through his confirmation last year with broad support from both parties, and that Kugler meets Mendendez’s demand. Central bankers want policy tight enough to bring down inflation, now running at more than twice their 2 per cent goal, but not so tight it craters a labour market that so far has weathered the steeper borrowing costs with surprising strength. Finding that balance will be a tricky task.
The Fed vice chair typically works closely with the Fed chair and the New York Fed president – currently John Williams – as a “troika” who formulate policy options that feed into rate-setting decisions made twice a quarter by the Fed’s 19 policy-makers.
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