Philip Jefferson facts for kids
Quick facts for kids
Philip Jefferson
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Official portrait, 2022
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| 23rd Vice Chair of the Federal Reserve | |
| Assumed office September 13, 2023 |
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| President | Joe Biden Donald Trump |
| Preceded by | Lael Brainard |
| Member of the Federal Reserve Board of Governors | |
| Assumed office May 23, 2022 |
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| Appointed by | Joe Biden |
| Preceded by | Richard Clarida |
| Personal details | |
| Born |
Philip Nathan Jefferson
1961/1962 (age 63–64) Washington, D.C., U.S. |
| Children | 2 |
| Education | Vassar College (AB) University of Virginia (MA, PhD) |
Philip Nathan Jefferson, born in 1961 or 1962, is an important American economist. Since September 2023, he has been the 23rd Vice Chair of the Federal Reserve. He also joined the Federal Reserve Board of Governors in 2022. President Joe Biden chose him for this role in January 2022. The Senate approved him in May 2022. When he started, he became the fourth Black man to be on the board.
Before joining the Federal Reserve, Mr. Jefferson worked at Davidson College. There, he was a vice president, dean, and economics professor. He also taught economics at Columbia University and Swarthmore College. Earlier in his career, he worked as a research economist at the Federal Reserve.
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Philip Jefferson's Early Life and School
Philip Jefferson was born and grew up in the Kingman Park area of Washington, D.C. He went to Vassar College. During his third year of college, he studied at the London School of Economics. He earned his advanced degree, called a doctoral degree, from the University of Virginia in 1990.
Philip Jefferson's Career in Education
After finishing his doctoral degree, Mr. Jefferson became a professor at Columbia University. He also taught as a visiting professor at the University of California at Berkeley. He worked as an economist at the Board of Governors of the Federal Reserve System.
In 1997, he started teaching at Swarthmore College. There, he taught classes about economics, including how economies work and issues like poverty. He became a special professor of economics there.
He was the president of the National Economic Association in 2005. Since 2002, he has been a trustee for Vassar College. He also served on the council for Swarthmore Borough from 2008 to 2012.
In 2019, he became a vice president and dean at Davidson College.
Philip Jefferson and the Federal Reserve
Becoming a Member of the Federal Reserve Board
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On January 14, 2022, President Biden suggested Philip Jefferson to be a member of the Federal Reserve Board of Governors. The Senate Banking Committee held meetings about his nomination on February 3, 2022. The committee approved his nomination on March 16, 2022, with a vote of 24 to 0. The United States Senate then confirmed his nomination with a vote of 91 to 7.
In May 2023, Mr. Jefferson was nominated to become the Vice Chair of the Federal Reserve. This is the second-highest position on the board. On September 6, 2023, the Senate confirmed him as Vice Chair with a vote of 88 to 10.
