“Our economy has made enormous progress over the past year, with 6.4 million jobs created and unemployment falling to 3.9% — four years faster than projected,” the White House said. “At the same time, our economy is facing the challenge of price increases that are squeezing families’ budgets.”
The Fed holds significant sway over the American economy by setting the country’s monetary policy.
The White House said Biden is confident that the Federal Reserve will act to provide maximum sustainable employment and price stability and to make sure that price increases do not become entrenched over over a long term.
The Senate needs to confirm the nominations.
In a statement, Sen. Sherrod Brown, D-Ohio and chair of the Senate Committee on Banking, Housing and Urban Affairs, praised Jefferson and the other two nominees.
“Throughout their long, distinguished careers, they’ve proven they understand how our economy works – and who makes it work,” Brown said. “They will also bring important perspectives to the Federal Reserve Board about the economic issues women, Black and brown workers, and rural and industrial communities across the country face.”
About Philip Jefferson
Dean Jefferson Headshot (John Crawford).JPG
John Crawford, Davidson College
Prior to joining Davidson in 2019, Jefferson held an endowed professorship at Swarthmore College in Pennsylvania.
He’s the vice president for academic affairs and dean of faculty at Davidson College, and holds an endowed economics professorship there, according to the college’s website. North of Charlotte, Davidson is a small liberal arts college founded in 1837. It has about 2,000 students.
In a statement, Davidson President Carol Quillen congratulated Jefferson on his nomination to the Fed. “We prepare our students for lives of leadership and service, and Philip is providing a terrific example,” Quillen said.
Jefferson could not immediately be reached for comment Friday.
He also has taught at Columbia University and the University of Virginia, and previously worked as an economist for the Fed’s Board of Governors in Washington and for the Federal Reserve Bank.
Jefferson has studied subjects like poverty and unemployment, and has written a book for non-economists, “Poverty: A Very Short Introduction.”©2022 The News & Observer. Visit at newsobserver.com. Distributed at Tribune Content Agency, LLC.