Cryptocurrency

US Senate confirms Philip Jefferson as Federal Reserve vice chair


Federal Reserve governor Philip Jefferson has won confirmation from a majority of members of the United States Senate, placing him in position to become the Fed’s next vice chair.

In a 88-10 vote in the U.S. Senate on Sept. 6, Jefferson won a majority of support needed for his confirmation as the next vice chair of the Fed. U.S. President Joe Biden announced in May that Jefferson was his pick to replace Fed governor Lael Brainard, who resigned in February.

Source: Senate.gov

Senators are also expected to vote on the nominations of Fed governor Lisa Cook for a full 14-year term and former U.S. Department of Labor chief economist Adriana Kugler for one of the board’s empty seats. If confirmed, Kugler and Cook would serve for terms both ending in 2037. Jefferson will serve as vice chair as part of his existing term as governor until 2036.

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The makeup of leadership at federal institutions like the Fed, Securities and Exchange Commission, and Commodity Futures Trading Commission will likely impact how policymakers address ongoing regulation over cryptocurrencies and blockchain technology. Though the Fed reportedly has no plans to issue a digital dollar anytime soon, 2024 presidential candidate Ron DeSantis has made it clear he intends to bar the central bank from issuing a CBDC.

Fed chair Jerome Powell told lawmakers in June that he believes there should be a “robust federal role” in stablecoin regulation. He has also been supportive of many interest rate hikes in 2023, affecting markets across the country. Powell’s current term at the Fed is expected to end in 2028.

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