Philip Jefferson Confirmed as Federal Reserve Vice Chair


This article has been republished with permission from Binance News.

According to Cointelegraph, Federal Reserve governor Philip Jefferson has been confirmed as the Fed’s next vice chair after receiving majority support in an 88-10 vote in the U.S. Senate on September 6. U.S. President Joe Biden announced in May that Jefferson was his choice to replace Fed governor Lael Brainard, who resigned in February.

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.

The leadership composition at federal institutions like the Fed, Securities and Exchange Commission, and Commodity Futures Trading Commission will likely influence how policymakers address ongoing regulation over cryptocurrencies and blockchain technology. Although the Fed reportedly has no plans to issue a digital dollar in the near future, 2024 presidential candidate Ron DeSantis has stated his intention to prevent 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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