Senate confirms Black economist to Federal Reserve Board
ABC News
The Senate has confirmed economist Phillip Jefferson to the Federal Reserve’s Board of Governors
WASHINGTON -- The Senate confirmed economist Phillip Jefferson to the Federal Reserve's Board of Governors late Wednesday, the latest addition to the panel after delays and setbacks for some of President Joe Biden's nominees.
Jefferson becomes the fourth Black man to serve on the Fed’s board, and he would join Lisa Cook, the first Black woman on the Fed in its 108-year history. She was confirmed earlier this week.
Senators confirmed Jefferson on a 91-7 vote, without the divisive partisan debates that have erupted over some of Biden's other choices.
The seven-member panel is being filled out as the Fed is fighting the worst inflation in four decades. Last week, the central bank hiked its short-term interest rate by a half-percentage point, double its usual increase.
