Two Senate Votes Advance Biden Goal of Greater Diversity at Fed

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Two Senate Votes Advance Biden Goal of Greater Diversity at Fed
France Dernières Nouvelles,France Actualités
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The Senate confirmed the second Black American to serve as the Federal Reserve’s vice chair in its 109-year history, and further boosted the institution’s diversity by confirming its first Black female governor for a full 14-year term.

Philip Jefferson — the fourth Black male governor at the US central bank — will be the second Black vice chair after Roger Ferguson and was confirmed in a 88-10 vote Wednesday. Lisa Cook — who President Joe Biden named as a governor on the board last year and whose current term expires in January — was endorsed for a full term in a 51-47 vote on Wednesday evening.

If confirmed by the Senate Thursday to the slot previously held by top Biden adviser Lael Brainard, she’d be the first Latina to serve on the board. All three economists have voiced their commitment to the bank’s determination to keep hold the line on prices in public remarks over the past 12 months.

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