President Joe Biden announced his nomination of Philip Jefferson for vice chair on the Board of Governors of the Federal Reserve System.

Last year, the Senate confirmed Jefferson as a member of the Fed board. If he is confirmed as vice chair, he will succeed Lael Brainard in the role. Brainard departed the Fed earlier this year to serve as director of the National Economic Council.

Before joining the Fed, Jefferson was vice president for academic affairs, dean of faculty, and professor of economics at Davidson College.

Biden also announced his nomination of Adriana Kugler to serve as a Fed board member and of Lisa Cook to be appointed to an additional full term on the board after getting confirmed last year.

Kugler started her career at the Federal Reserve Bank of San Francisco, served as chief economist of the Labor Department, and was confirmed last year to serve as U.S. executive director to the World Bank.

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