February 1, 2023

White House says it expects to have more to say on Fed nominations soon

The Senate will hold re-nomination hearings next week for Powell and Brainard. Both won’t have any problems, though it will be a note-worthy event because of grilling from both sides.

The next question is what the Fed does with open nominations on the Fed board. The WSJ reported today that economist Philip Jefferson is likely to get a seat. He’s an economics professor at Davidson College in North Carolina.

Another open spot is the vice chair for supervision. Sarah Bloom Raskin is often mentioned for the slot and some reports today suggest it’s imminent.

A third spot on the 7-member team is still available and could also be announced soon.

Assuming they’re confirmed, that will leave the voters this year as:

  • Chair Jerome Powell
  • Vice-Chair Lael Brainard
  • Michelle Bowman
  • Christopher Waller
  • (Jefferson)
  • (Raskin)
  • (unknown)
  • Williams
  • Mester
  • Montgomery (interim until Boston Fed chooses a new leader)
  • Bullard
  • George
  • Philip Jefferson

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