Senate confirms Fed nominations

The Senate on Wednesday confirmed the nominations of Philip Jefferson to serve as vice chairman of the Federal Reserve board and Lisa Cook to serve an additional term.

Jefferson joined the Fed board in 2022 to fill an unexpired term ending in 2036. He most recently was VP for academic affairs and dean of faculty and the Paul B. Freeland Professor of Economics at Davidson College. He will serve a four-year term as vice chairman. The vote was 88-10. Cook, a professor of economics and international relations at Michigan State University, joined the Fed board in 2022 to fill an unexpired term ending in 2024. The Senate voted 51-47 to confirm Cook for an additional 14-year term. President Joe Biden also nominated economist Adriana Kugler to fill an unexpired term board ending in 2026, which the Senate confirmed on Thursday by a 51-47 vote.

In a statement, ABA President and CEO Rob Nichols congratulated all three appointees.

“Each of these appointments is historic in its own right, and all three bring diverse perspectives to the Fed’s critically important work,” Nichols said. “We look forward to working with Dr. Kugler and continuing our engagement with Dr. Jefferson, Dr. Cook and their colleagues to ensure that banks of all sizes can continue to compete and succeed as they serve their customers and support our economy.”