Black Talent Initiative

Dr. Philip Jefferson Ushers in New Era for Fed Board

FOR IMMEDIATE RELEASE:

May 12, 2022

CONTACT: 

Victoria Johnson, victoria@jointcenter.org, 202-789-3500

 

In response to Dr. Philip Jefferson’s confirmation to the Federal Reserve Board, the Joint Center releases the following statement:

Dr. Philip Jefferson

The Joint Center for Political and Economic Studies celebrates Dr. Philip Jefferson’s confirmation to the Federal Reserve Board of Governors. Dr. Jefferson will be the fourth Black man to serve on the Fed board (the first was Dr. Andrew Brimmer, a former Joint Center board member).  The Joint Center has continuously supported Dr. Jefferson throughout the confirmation process. As a result of the addition of Dr. Jefferson and Dr. Lisa Cook, for the first time in its 108-year history, the seven-member Fed board has two Black Governors.

“Dr. Philip Jefferson is one of the nation’s brightest economists and the Federal Reserve Board will benefit upon his first day in the role. His research centering monetary policy’s impact on the labor market and inequality will usher in a new era that will better prepare the Fed to be cognizant of how policies affect different populations. This much-needed perspective will position the Fed as an inclusive institution, with a profound commitment to growing the economy to help all people in our nation,” said Spencer Overton, president of the Joint Center. “We are appreciative of President Biden, Senate Majority Leader Charles Schumer (D-NY), and Senate Banking Committee Chair Sherrod Brown (D-OH) for their leadership in the nomination and confirmation of exceptionally talented and diverse candidates to serve on the Federal Reserve Board. We also thank the broad bipartisan group of 91 U.S. Senators who voted to confirm Dr. Jefferson.”

About Dr. Philip Jefferson: Dr. Jefferson is the chief academic officer at Davidson College in North Carolina. He holds the Paul B. Freeland endowed professorship in economics at Davidson and an endowed professorship at Swarthmore. Dr. Jefferson has taught at Columbia University and the University of Virginia, in addition to Swarthmore, and worked as a visiting research economist at the University of California, Berkeley. He served as an economist for the Federal Reserve’s board of governors in Washington and for the Federal Reserve Bank in New York.

About the Joint Center for Political and Economic Studies: The Joint Center for Political and Economic Studies, America’s Black think tank, provides compelling and actionable policy solutions to eradicate persistent and evolving barriers to the full freedom of Black people in America. We are the trusted forum for leading experts and scholars to participate in major public policy debates and promote ideas that advance Black communities. We use evidence-based research, analysis, convenings, and strategic communications to support Black communities and a network of allies.

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