The Senate Banking Committee voted to send three of President Joe Biden’s Federal Reserve nominees to the full Senate for consideration, including Philip Jefferson who was picked to be the next vice chair.
(Bloomberg) — The Senate Banking Committee voted to send three of President Joe Biden’s Federal Reserve nominees to the full Senate for consideration, including Philip Jefferson who was picked to be the next vice chair.
Jefferson won the support of every committee member during the Wednesday vote. The committee also voted to advance Lisa Cook, who was nominated for a full term as a member of the Fed’s board of governors, and Adriana Kugler, another Biden pick to serve on the board.
Senator Mike Rounds is the only Republican that joined Democrats to vote in favor of advancing the nominations for Cook and Kugler.
Kugler, who is currently the US executive director to the World Bank, would be the first Latino policymaker in the Fed’s history.
The three nominees emphasized their commitment to cooling inflation in a Senate Banking hearing last month.
Jefferson and Cook also expressed support for tailoring bank regulations based on an institution’s size following the March collapse of Silicon Valley Bank, which caused turmoil in the industry and raised concerns about regional bank stability.
–With assistance from Steven T. Dennis.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.