


A slate of President Joe Biden’s Federal Reserve nominees has advanced out of committee and is poised to have confirmation votes before the Senate.
On Wednesday, the Senate Banking Committee voted to advance the nomination of Philip Jefferson to serve as vice chairman of the Fed’s Board of Governors. It also voted to move the nominations of Lisa Cook and Adriana Kugler, both to serve on the Board of Governors, to the floor for a full vote.
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Jefferson, who has been a member of the Board of Governors since May of last year and attracted wide bipartisan support during his first confirmation process, received a unanimous vote on Wednesday to be advanced to the full chamber.
Meanwhile, both Cook and Kugler were approved by the committee in 13-10 votes. All Republicans voted against the duo except for Sen. Mike Rounds (R-SD).
Cook has already served on the Board of Governors for just over a year, and Kugler is currently the executive director of the World Bank, which she has led since May 2022.
Wednesday’s votes followed a committee meeting in executive session. Prior to the meeting, Sen. Sherrod Brown (D-OH) spoke highly of the three nominees.
“The three historic nominees we will be voting on today are clearly qualified for the positions the president has nominated them to fill,” he said. “They have received strong support from an impressive cross-section of groups and organizations: civil rights, business organizations, banking and real estate industry groups, housing advocacy groups, consumer groups, universities, economists, former members, and so many more.”
While Jefferson had no trouble with his initial confirmation last year, Cook faced questions from GOP lawmakers at the time about perceptions of partisanship and lack of experience working with monetary policy.
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In a statement, Sen. Tim Scott (R-SC), the committee’s ranking member, noted the difference in support between the vote for Jefferson and the votes for Cook and Kugler.
“Presidential nominees should inspire confidence, have a strong respect for the rule of law, and support policies that promote the American dream. I believe only one of the three Federal Reserve nominees before us today fits this mold,” Scott said.