US President Joe Biden is set to choose Philip Jefferson as vice-chair of the Federal Reserve, elevating him from his current role as a governor at the central bank to the crucial post in Jay Powell’s inner circle.
Two people familiar with the matter said Jefferson had emerged as the top choice for the job, though it would not be final until a formal announcement. Biden is also expected to tap Adriana Kugler, an economist who represents the US on the board of the World Bank, to become a Fed governor, which would make her the first Latina to the board of the central bank.
Jefferson will fill a position left vacant by Lael Brainard, who left the Fed in February after serving as vice-chair for less than a year to join the Biden administration as the president’s top economic adviser.