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Philip Jefferson

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Philip Jefferson
Vice Chair of the Federal Reserve
Incumbent
Assumed office
September 13, 2023
PresidentJoe Biden
Preceded byLael Brainard
Member of the Federal Reserve Board of Governors
Incumbent
Assumed office
May 23, 2022
Appointed byJoe Biden
Preceded byRichard Clarida
Personal details
Born
Philip Nathan Jefferson

1961 or 1962 (age 62–63)
Washington, D.C., U.S.
Children2
EducationVassar College (BA)
University of Virginia (MA, PhD)

Philip Nathan Jefferson (born 1961/1962)[1] is an American economist who serves as vice chair of the Federal Reserve. He has been a member of the Federal Reserve Board of Governors since 2022. He was nominated for the position by President Joe Biden in January 2022, and was confirmed by the Senate in May 2022. Upon taking office, he became the fourth Black man to serve on the board.[2]

Prior to serving on the board, Jefferson worked at Davidson College as a vice president for academic affairs, dean of faculty, and professor of economics.[3] He was also a professor at both Columbia University and Swarthmore College, and formerly served as a research economist at the Federal Reserve.[4]

Early life and education

Jefferson was born and raised in the Kingman Park neighborhood of Washington, D.C.[5] He attended Vassar College, spending his junior year of college at the London School of Economics and the following summer as a participant in the American Economic Association pipeline program. He completed a doctoral degree from the University of Virginia in 1990.[6]

Academic career

After completing his PhD, Jefferson worked as assistant professor at Columbia University, a visiting professor at the University of California at Berkeley, and as an economist at the Board of Governors of the Federal Reserve System. In 1997, he joined the faculty of Swarthmore College, where he taught courses on econometrics, macroeconomics, and poverty and inequality and became Centennial Professor of Economics.[7][8]

He was the 2005 president of the National Economic Association.[8] He has been a trustee of Vassar College since 2002, and served on the Swarthmore Borough Council from 2008 to 2012.[3]

In 2019, he became vice president for academic affairs and dean of faculty at Davidson College.[3]

Federal Reserve

Nomination

Jefferson sworn in as a member of the Federal Reserve Board of Governors by Jerome Powell in May 2022

On January 14, 2022, President Biden nominated Jefferson to be a member of the Federal Reserve board of governors.[9] Hearings were held before the Senate Banking Committee on Jefferson's nomination on February 3, 2022. The committee favorably reported his nomination on March 16, 2022 by a 24-0 vote.[10] The United States Senate confirmed his nomination by a 91-7 vote.[11]

In May 2023, Jefferson was nominated to serve as Vice Chair of the Federal Reserve, the board's second-highest position.[12] On September 6, 2023, He was confirmed by the Senate as vice chair by a 88–10 vote.[13][14]

Selected works

  • Jefferson, Philip N. Poverty: A Very Short Introduction. Oxford University Press, 2018.
  • Jefferson, Philip N., ed. The Oxford handbook of the economics of poverty. Oxford University Press on Demand, 2012.
  • Jefferson, Philip N., and Frederic L. Pryor. "On the geography of hate." Economics Letters 65, no. 3 (1999): 389–395.
  • Jefferson, Philip N. "Does monetary policy affect relative educational unemployment rates?." American Economic Review 95, no. 2 (2005): 76–82.
  • Jefferson, Philip N. "Seigniorage payments for use of the dollar: 1977–1995." Economics Letters 58, no. 2 (1998): 225–230.
  • Jefferson, Philip N. "Educational attainment and the cyclical sensitivity of employment." Journal of Business & Economic Statistics 26, no. 4 (2008): 526–535.

References

  1. ^ https://thedailyrecord.com/2023/05/12/biden-taps-new-fed-vice-chair-first-hispanic-member-of-fed-board/
  2. ^ Franck, Thomas (2022-01-14). "Biden to nominate Sarah Bloom Raskin as vice chair for supervision at Fed; Lisa Cook and Philip Jefferson as governors". CNBC. Retrieved 2022-01-14.
  3. ^ a b c Davidson, Davidson College, The Davidson College wordmark; USA894-2000, North Carolina 28035. "College Names Philip Jefferson Vice President for Academic Affairs and Dean of Faculty". Davidson. Retrieved 2020-02-13.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  4. ^ "Philip Jefferson". Swarthmore. Archived from the original on October 21, 2019. Retrieved 8 June 2019.
  5. ^ "Statement of Philip N. Jefferson, Nominee to be a Member of the Board of Governors of the Federal Reserve System, Before the Committee on Banking, Housing, and Urban Affairs of the United States Senate" (PDF). U.S. Senate Committee on Banking, Housing, and Urban Affairs. February 3, 2022.
  6. ^ "CSMGEP Profiles: Philip N. Jefferson, Swarthmore College". www.aeaweb.org. Retrieved 2022-01-14.
  7. ^ Jefferson, Philip N. (March 2019). "Philip N. Jefferson" (PDF). www.swarthmore.edu. Retrieved January 5, 2022.
  8. ^ a b "Philip Jefferson". www.swarthmore.edu. 2014-07-08. Retrieved 2022-01-14.
  9. ^ "President Biden Nominates Sarah Bloom Raskin to Serve as Vice Chair for Supervision of the Federal Reserve, and Lisa Cook and Philip Jefferson to Serve as Governors". The White House. 14 January 2022. Retrieved 18 March 2022.
  10. ^ Lane, Sylvan (16 March 2022). "Senate panel advances Biden Fed nominees to confirmation votes". The Hill. Retrieved 18 March 2022.
  11. ^ Smialek, Jeanna; Cochrane, Emily (2022-05-11). "The Senate confirms Philip Jefferson as a Fed governor". The New York Times. ISSN 0362-4331. Retrieved 2022-05-12.
  12. ^ Guida, Victoria (2023-05-12). "Biden names historic Fed picks as inflation fight wears on". Politico. Retrieved 2023-05-12.
  13. ^ Saphir, Ann; Cowan, Richard; Saphir, Ann (2023-09-06). "US Senate confirms Jefferson as Fed vice chair, Cook to new term on board". Reuters. Retrieved 2023-09-06.
  14. ^ "On the Nomination (Confirmation: Philip Nathan Jefferson, of North Carolina, to be Vice Chairman of the Board of Governors of the Federal Reserve System)". United States Senate. September 6, 2023. Retrieved September 7, 2023.
Government offices
Preceded by Member of the Federal Reserve Board of Governors
2022–present 		Incumbent
Preceded by Vice Chair of the Federal Reserve
2023–present
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