Senate confirms Black economist to Federal Reserve Board

WASHINGTON (AP) — The Senate has confirmed economist Phillip Jefferson to the Federal Reserve’s Board of Governors. Jefferson is the latest addition to the panel after delays and setbacks for President Joe Biden’s other nominees. He becomes fourth Black man to serve on the Fed’s board, and he would join Lisa Cook, the first Black woman on the Fed in its 108-year history. She was confirmed earlier this week. The Fed is fighting the worst inflation in four decades. Last week, the central bank hiked its short-term interest rate by a half-percentage point, double its usual increase.