The U.S. Senate is voting again on nominations from the president for various federal positions, and Wednesday, the chamber approved the selection of Philip Nathan Jefferson as vice chairman at the Board of Governors of the Federal Reserve. Jefferson was already a member of that board, having served since May 2022.
A full 88 members of the Senate voted in favor of Jefferson taking this role, with only 10 expressing opposition. The latter group consisted entirely of Republicans like Josh Hawley (Mo.), Mike Lee (Utah), Rand Paul (Utah), and Rick Scott (Fla.) — largely known already for their far-right positions and their general opposition to many personnel selections from the president. Their persistence even as Jefferson’s selection for that leadership role was considered makes the group stick out even further, as it’s not routine for presidential nominees to receive such a high level of support in the Senate.
Jefferson is an extensively trained economist whose professional career outside the Federal Reserve board is lengthy, including teaching positions and other responsibilities inside the Federal Reserve system. He has been in favor of recent interest rate hikes pushed through by the Federal Reserve board, reports noted.
Sen. Sherrod Brown (D-Ohio), who is up for re-election next year, spoke in favor of Jefferson before the Senate confirmed his selection for that leadership position. “Dr. Jefferson brings to the Fed outstanding academic credentials and years of strong leadership experience,” Brown said. “He is a renowned scholar, and he is a leading expert in monetary policy and the economics of poverty. Dr. Jefferson possesses a strong understanding of how higher prices hurt the most economically insecure Americans and that access to good- paying jobs is the best antidote to poverty. If confirmed, he will be the second Black man to serve as Vice Chair on the Board of Governors.” Now, the House and Senate have pressing issues of government funding lingering on the agenda.
