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.
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.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.