US President Joe Biden nominated Philip Jefferson to the role of second in command at the Federal Reserve, which has been vacant since Lael Brainard left for the White House in February.
If confirmed, he would become vice chair at a critical juncture for the Fed, which has raised interest rates ten times since last year to combat above-target inflation.
Biden also appointed current World Bank executive director Adriana Kugler as a Federal Reserve governor, and renominated Lisa Cook to a full 14-year term as a bank governor, according to a White House statement.
“I am confident these nominees will help build upon the historically strong economic recovery we have had under my administration,” Biden said, adding he was believed the nominees understood the bipartisan nature of the role.
“I am deeply honored by the trust President Biden and Vice President (Kamala) Harris have shown me with the nomination,” Jefferson told a conference in California on Friday, according to prepared remarks.
