Fed Board nominees to testify in June 21 Senate Banking hearing

A hearing on the president’s nominations of three individuals to Federal Reserve Board terms is scheduled for next Wednesday by the Senate Banking Committee, chaired by Sen. Sherrod Brown (D-Ohio).

The Senate on May 15 received President Joe Biden’s (D) nominations of:

  • Fed Board Gov. Philip Jefferson, who is serving a term that continues through January 2036, to fill the vice chair seat that was held only briefly by Lael Brainard (replacing Richard Clarida, who resigned 17 days before his term as vice chair would end) before she left to be director of the National Economic Council (NEC);
  • Adriana Kugler, U.S. Executive Director at the World Bank Group, to fill an unexpired Fed Board term that continues through January 2036; and
  • Fed Board Gov. Lisa Cook, whose term expires next year, to a full 14-year term (which would expire in January 2038).

If all three individuals are confirmed, the Fed stands to be restored to its full complement of seven members as early as this year.

The June 21 hearing is slated to begin at 10 a.m. Eastern and will be in “hybrid” format (held in person and webcast).

June 21 Senate Banking Committee nomination hearing