Senate Confirms Jay Powell, Lisa Cook and Philip Jefferson to Federal Reserve Board

On May 12, the Senate confirmed Jay Powell to his second term as Chair of the Federal Reserve by a vote of 80-19. Earlier in the week, economist and Michigan State University professor Lisa Cook was confirmed to serve on the Federal Reserve’s Board of Governors after a vote of 51-50 with Vice President Kamala Harris casting the deciding vote, and Philip Jefferson was confirmed on a 91-7 vote. Cook will be the first Black woman to serve on the Board and Jefferson the fourth Black man. A White House official has since noted that having a fully staffed Federal Reserve would be important in its work in addressing inflation.  Read more.