White House to announce Philip Jefferson to Federal Reserve Board of Governors

Bloomberg broke the news of Jefferson's anticipated appointment Monday afternoon.

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The Biden administration is planning to appoint Davidson College economist and administrator Philip Jefferson to fill a seat on the Federal Reserve board of governors, according to people familiar with the matter who recently spoke with Bloomberg.

If he’s confirmed by the U.S. Senate, Jefferson would become just the fourth Black person to serve on the Fed board of governors in U.S. history, according to Bloomberg. The Wall Street Journal broke the news on Friday that White House officials were considering Jefferson for a board of governors role.

Philip Jefferson thegrio.com
Philip Jefferson (Credit: Davidson College)

The seven-member board of governors directs the operations of the Federal Reserve to advance and accomplish the goals and responsibilities of the nation’s central banking system. The Board of Governor’s member terms is set at 14 years.

The board also supervises operations of the nation’s 12 reserve banks, sharing their responsibility for overseeing particular financial institutions and activities while conducting research and policy analysis to help to ensure consumer and community voices are heard at the central bank.

Jefferson served as a research economist for the Federal Reserve Board from 1983 to 1985 and later worked as an economist on the board’s monetary affairs division from 1996 to 1997, according to multiple sources.

He’s also held visiting appointments at the Federal Reserve Bank of New York and the University of California, according to the Minneapolis Fed.

Jefferson has been dean of faculty and vice president of academic affairs at Davidson College in North Carolina since May 2019. He earned his Ph. D. in economics from the University of Virginia in 1990.

Much of Jefferson’s research has centered on the causes and solutions to poverty and inequality. Prior to joining the faculty at Davidson College, he taught at Swarthmore College, Columbia University, and the University of Virginia.

Jefferson and White House officials did not immediately respond to requests for comment from theGrio.

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