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 American economist. He currently serves as the 23rd Vice Chair of the Federal Reserve. He started this important job in September 2023.
Before becoming Vice Chair, he was a member of the Federal Reserve Board of Governors starting in 2022. President Joe Biden chose him for this role in January 2022. The Senate approved his nomination in May 2022. When he joined the board, he became the fourth Black man to serve in that position.
Before working at the Federal Reserve, Mr. Jefferson held many roles at Davidson College. He was a vice president, dean, and professor of economics there. He also taught at Columbia University and Swarthmore College. Earlier in his career, he worked as a research economist at the Federal Reserve.
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Early Life and Education
Philip Jefferson grew up in Kingman Park, a neighborhood in Washington, D.C. He went to Vassar College for his undergraduate studies. During his junior year, he studied at the London School of Economics.
He also spent a summer in a special program for economics students. Later, he earned his doctoral degree from the University of Virginia in 1990.
His Career as a Teacher and Economist
After finishing his PhD, Mr. Jefferson began his career as a professor. He taught at Columbia University and was a visiting professor at the University of California, Berkeley. He also worked as an economist for the Federal Reserve Board of Governors.
In 1997, he joined the faculty at Swarthmore College. There, he taught classes on economics, including topics like macroeconomics and poverty. He became a special professor of economics at Swarthmore.
Mr. Jefferson was the president of the National Economic Association in 2005. He has also been a trustee for Vassar College since 2002. From 2008 to 2012, he served on the council for Swarthmore Borough.
In 2019, he became the vice president for academic affairs and dean of faculty at Davidson College.
Working at the Federal Reserve
The Federal Reserve is like the central bank of the United States. It helps manage the country's money and economy.
Becoming a Board Member
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On January 14, 2022, President Biden chose Philip Jefferson to be a member of the Federal Reserve's board. The Senate Banking Committee held hearings to review his nomination on February 3, 2022. The committee approved his nomination with a unanimous vote of 24–0 on March 16, 2022.
The full United States Senate then confirmed his nomination. They voted 91-7 in favor of him.
Becoming Vice Chair
In May 2023, Mr. Jefferson was nominated for an even higher position. He was chosen to serve as Vice Chair of the Federal Reserve. This is the second-highest leadership role on the board.
On September 6, 2023, the Senate confirmed him as Vice Chair. The vote was 88–10 in his favor.
