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Fed nominees advance to full Senate
The Senate Banking Committee Wednesday advanced to the full chamber President Joe Biden’s three nominations to the Federal Reserve Board of Governors.
Philip Jefferson is nominated for Vice Chair of the Federal Reserve Board of Governors. Jefferson is a current member of the Fed and, if confirmed, would succeed Lael Brainard as vice chair for the remaining four years of his term. He was advanced to the full Senate unanimously by the committee.
Lisa Cook is nominated for a full 14-year term and Adriana Kugler, the U.S. executive director of the World Bank, is nominated to serve out the remaining three years of Brainard's former spot on the board. Cook and Kugler were advanced 13-10 out of the committee.
If confirmed, Jefferson would become the second African American to fill the deputy post, and Kugler would be the first Latino ever nominated to the Board of Governors.
NAFCU consistently engages Congress and the Fed in support of an environment that fosters credit union growth while maintaining the safety and soundness of the financial system. The association’s Board of Directors meets annually with a member of the Federal Reserve Board of Governors to discuss industry priorities and trends.