Biden’s three Fed Board nominees approved by committee for full Senate consideration

Three nominees to the Federal Reserve Board – including a new vice chair – were approved by the Senate Banking Committee Wednesday for consideration of confirmation by the full Senate.

The committee approved the nomination of Phillip Jefferson as vice chair unanimously (23-0). Jefferson is a current member of the board. His term as a board member runs to 2036; the term as vice chair runs for four years.

The nomination of current member Lisa Cook, to a full 14-year term, was approved on a vote of 13-10. The vote tally was the same for nominee Adriana Kugler, who was nominated in May to fill the seat vacated by Lael Brainard, who was tapped in February to lead President Joe Biden’s (D) National Economic Council.

The votes for Cook and Kugler were along party lines, with one exception: Sen. Mike Rounds, R-S.D., voted to approve both.

All three nominations will now head to the full Senate for consideration of confirmation.