US Senate confirms Philip Jefferson as Federal Reserve vice chair
Federal Reserve Governor Philip Jefferson has won confirmation from a majority of members of the United States Senate, placing him in position to become the Federal Reserve’s next vice chair.
In an 88-10 vote in the U.S. Senate on Sept. 6, Jefferson won a majority of support needed for his confirmation as the next vice chair of the Fed. U.S. President Joe Biden announced in May that Jefferson was his pick to replace Fed Governor Lael Brainard, who resigned in February.
Senators are also expected to vote on the nominations of Fed Governor Lisa Cook for a full 14-year term and former U.S. Department of Labor Chief Economist Adriana Kugler for one of the board’s empty seats. If confirmed, Kugler and Cook would serve for terms both ending in 2037. Jefferson will serve as vice chair as part of his existing term as governor until 2036.
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The makeup of leadership at federal institutions like the Fed, Securities and Exchange Commission and Commodity Futures Trading Commission will likely impact how policymakers address ongoing regulation over cryptocurrencies and blockchain technology. Though the Fed reportedly has no plans to issue a digital dollar anytime soon, 2024 presidential candidate Ron DeSantis has made it clear he intends to bar the central bank from issuing a central bank digital currency.
Fed Chair Jerome Powell told lawmakers in June that he believes there should be a “robust federal role” in stablecoin regulation. He has also been supportive of many interest rate hikes in 2023, affecting markets across the country. Powell’s current term at the Fed is expected to end in 2028.
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The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.
The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.
It marks the latest diplomatic move since Bashar al Assad’s regime was toppled by rebel groups led by HTS in December.
In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.
“After over a decade of conflict, there is renewed hope for the Syrian people.
“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”
Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy
The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.
While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.
The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.
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Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.
In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.
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From May: Trump says US will end sanctions for Syria
He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.
“I say good luck, Syria. Show us something special.”
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