Philip Jefferson nominated by Biden as second-in-command at the Fed

Introduction

President Joe Biden has nominated Philip Jefferson, a former Treasury official, to serve as the Federal Reserve’s number two official. Jefferson will be responsible for overseeing the Fed’s supervision and regulation of banks and other financial institutions. If confirmed by the Senate, he will replace Randal Quarles, who served as the Fed’s vice chair for supervision under former President Donald Trump.

Background

Jefferson is currently a professor of economics at Swarthmore College in Pennsylvania. He previously served as the deputy assistant secretary for financial institutions at the Treasury Department during the Obama administration. In that role, he was responsible for overseeing the regulation of banks and other financial institutions, as well as the implementation of the Dodd-Frank financial reform law.

Before joining the Treasury Department, Jefferson worked as an economist at the Federal Reserve Bank of New York and the Federal Reserve Board in Washington, D.C. He also served as a staff economist on the President’s Council of Economic Advisers during the Clinton administration.

Implications

Jefferson’s nomination comes at a critical time for the Fed, as it grapples with the economic fallout from the COVID-19 pandemic. The central bank has taken unprecedented steps to support the economy, including cutting interest rates to near zero and launching a massive bond-buying program. Jefferson will play a key role in overseeing the Fed’s efforts to ensure the stability of the financial system and prevent another financial crisis.

If confirmed, Jefferson will also be a key player in the Biden administration’s efforts to reform the financial system. The president has called for a number of changes, including strengthening consumer protections, cracking down on predatory lending practices, and increasing oversight of the financial industry. Jefferson’s experience in financial regulation and his academic background in economics make him well-suited to help lead these efforts.

Overall, Jefferson’s nomination is a positive development for the Fed and the financial industry. His expertise and experience will be invaluable in ensuring the stability of the financial system and promoting economic growth and prosperity. The Senate should move quickly to confirm his nomination so that he can begin his important work at the Fed

Original article Teaser

Biden nominates Philip Jefferson to number 2 spot at the Fed

US President Joe Biden nominated Philip Jefferson to the number two job at the Federal Reserve Friday, a position left vacant since Lael Brainard left for the White House in February. If confirmed, he would take over as vice chair at a crucial time for the Fed, which has raised interest rates 10 times since last year as it looks to tackle above-target inflation. Biden also tapped current World Bank executive director Adriana Kugler to serve as a Federal Reserve governor, and renominated Lisa Cook to serve a full 14-year term as a governor at the bank, the White House said in a statement. “These nominees understand that this job is not a partisan one, but one that plays a

Details to Biden nominates Philip Jefferson to number 2 spot at the Fed