Philip Jefferson
{{short description|American economist}}
{{Infobox officeholder
| name = Philip Jefferson
| image = Jefferson Philip BDM June 16 22-091 8x10 (52247534443).jpg
| office = 23rd Vice Chair of the Federal Reserve
| president = Joe Biden
Donald Trump
| term_start = September 13, 2023
| term_end =
| predecessor = Lael Brainard
| successor =
| office1 = Member of the Federal Reserve Board of Governors
| appointer1 = Joe Biden
| term_start1 = May 23, 2022
| term_end1 =
| predecessor1 = Richard Clarida
| successor1 =
| birth_name = Philip Nathan Jefferson
| birth_date = {{birth based on age as of date|61|2023|5|12}}
| birth_place = Washington, D.C., U.S.
| death_date =
| death_place =
| spouse =
| children = 2
| education = Vassar College (AB)
University of Virginia (MA, PhD)
| caption = Official portrait, 2022
}}
Philip Nathan Jefferson (born 1961/1962){{cite web | url=https://thedailyrecord.com/2023/05/12/biden-taps-new-fed-vice-chair-first-hispanic-member-of-fed-board/ | title=Biden taps new Fed vice chair, first Hispanic member of Fed board | date=12 May 2023 }} is an American economist who has been serving as 23rd Vice Chair of the Federal Reserve since September 2023. He has been a member of the Federal Reserve Board of Governors since 2022. He was nominated for the position by President Joe Biden in January 2022, and was confirmed by the Senate in May 2022. Upon taking office, he became the fourth Black man to serve on the board.{{Cite web |last=Franck |first=Thomas |date=2022-01-14 |title=Biden to nominate Sarah Bloom Raskin as vice chair for supervision at Fed; Lisa Cook and Philip Jefferson as governors |url=https://www.cnbc.com/2022/01/13/biden-to-nominate-sarah-bloom-raskin-lisa-cook-and-philip-jefferson-to-key-fed-positions.html |access-date=2022-01-14 |website=CNBC |language=en}}
Prior to serving on the board, Jefferson worked at Davidson College as a vice president for academic affairs, dean of faculty, and professor of economics.{{Cite web|url=https://www.davidson.edu/news/2019/05/16/college-names-philip-jefferson-vice-president-academic-affairs-and-dean-faculty|title=College Names Philip Jefferson Vice President for Academic Affairs and Dean of Faculty|last1=Davidson|first1=Davidson College, The Davidson College wordmark|last2=USA894-2000|first2=North Carolina 28035|website=Davidson|language=en|access-date=2020-02-13}} He was also a professor at both Columbia University and Swarthmore College, and formerly served as a research economist at the Federal Reserve.{{cite web |title=Philip Jefferson |url=https://www.swarthmore.edu/profile/philip-jefferson |accessdate=8 June 2019 |website=Swarthmore |language=en|archive-url=https://web.archive.org/web/20191021004531/https://www.swarthmore.edu/profile/philip-jefferson|archive-date=October 21, 2019}}
Early life and education
Jefferson was born and raised in the Kingman Park neighborhood of Washington, D.C.{{Cite web|date=February 3, 2022|title=Statement of Philip N. Jefferson, Nominee to be a Member of the Board of Governors of the Federal Reserve System, Before the Committee on Banking, Housing, and Urban Affairs of the United States Senate|url=https://www.banking.senate.gov/imo/media/doc/Jefferson%20Statement%202-3-22.pdf|website=U.S. Senate Committee on Banking, Housing, and Urban Affairs}} He attended Vassar College, spending his junior year of college at the London School of Economics and the following summer as a participant in the American Economic Association pipeline program. He completed a doctoral degree from the University of Virginia in 1990.{{Cite web|title=CSMGEP Profiles: Philip N. Jefferson, Swarthmore College|url=https://www.aeaweb.org/about-aea/committees/csmgep/profiles/philip-jefferson|access-date=2022-01-14|website=www.aeaweb.org}}
Academic career
After completing his PhD, Jefferson worked as assistant professor at Columbia University, a visiting professor at the University of California at Berkeley, and as an economist at the Board of Governors of the Federal Reserve System. In 1997, he joined the faculty of Swarthmore College, where he taught courses on econometrics, macroeconomics, and poverty and inequality and became Centennial Professor of Economics.{{Cite web|last=Jefferson|first=Philip N.|date=March 2019|title=Philip N. Jefferson|url=https://www.swarthmore.edu/sites/default/files/assets/documents/user_profiles/pjeffer1/PNJvitae.pdf|access-date=January 5, 2022|website=www.swarthmore.edu}}{{Cite web|date=2014-07-08|title=Philip Jefferson|url=https://www.swarthmore.edu/news-events/philip-jefferson|access-date=2022-01-14|website=www.swarthmore.edu|language=en}}
He was the 2005 president of the National Economic Association. He has been a trustee of Vassar College since 2002, and served on the Swarthmore Borough Council from 2008 to 2012.
In 2019, he became vice president for academic affairs and dean of faculty at Davidson College.
Federal Reserve
= Nomination =
File:NZ78694 (52094754299).jpg in May 2022]]
On January 14, 2022, President Biden nominated Jefferson to be a member of the Federal Reserve board of governors.{{cite web |title=President Biden Nominates Sarah Bloom Raskin to Serve as Vice Chair for Supervision of the Federal Reserve, and Lisa Cook and Philip Jefferson to Serve as Governors |url=https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2022/01/14/president-biden-nominates-sarah-bloom-raskin-to-serve-as-vice-chair-for-supervision-of-the-federal-reserve-and-lisa-cook-and-philip-jefferson-to-serve-as-governors/ |website=The White House |date=14 January 2022 |access-date=18 March 2022}} Hearings were held before the Senate Banking Committee on Jefferson's nomination on February 3, 2022. The committee favorably reported his nomination on March 16, 2022, by a 24–0 vote.{{cite web |last1=Lane |first1=Sylvan |title=Senate panel advances Biden Fed nominees to confirmation votes |url=https://thehill.com/policy/finance/598542-senate-panel-advances-biden-fed-nominees-to-confirmation-votes |website=The Hill |date=16 March 2022 |access-date=18 March 2022}} The United States Senate confirmed his nomination by a 91–7 vote.{{Cite news |last1=Smialek |first1=Jeanna |last2=Cochrane |first2=Emily |date=2022-05-11 |title=The Senate confirms Philip Jefferson as a Fed governor. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/05/11/business/philip-jefferson-fed-governor.html |access-date=2022-05-12 |issn=0362-4331}}
In May 2023, Jefferson was nominated to serve as Vice Chair of the Federal Reserve, the board's second-highest position.{{Cite news |last=Guida |first=Victoria |date=2023-05-12 |title=Biden names historic Fed picks as inflation fight wears on |language=en |work=Politico |url=https://www.politico.com/news/2023/05/12/biden-names-historic-fed-picks-as-inflation-fight-wears-on-00095468 |access-date=2023-05-12}} On September 6, 2023, He was confirmed by the Senate as vice chair by a 88–10 vote.{{Cite news |last1=Saphir |first1=Ann |last2=Cowan |first2=Richard |last3=Saphir |first3=Ann |date=2023-09-06 |title=US Senate confirms Jefferson as Fed vice chair, Cook to new term on board |language=en |work=Reuters |url=https://www.reuters.com/markets/us/feds-jefferson-poised-senate-confirmation-fed-vice-chair-2023-09-06/ |access-date=2023-09-06}}{{Cite web |date=September 6, 2023 |title=On the Nomination (Confirmation: Philip Nathan Jefferson, of North Carolina, to be Vice Chairman of the Board of Governors of the Federal Reserve System) |url=https://www.senate.gov/legislative/LIS/roll_call_votes/vote1181/vote_118_1_00214.htm |access-date=September 7, 2023 |website=United States Senate}}
Selected works
- Jefferson, Philip N. Poverty: A Very Short Introduction. Oxford University Press, 2018.
- Jefferson, Philip N., ed. The Oxford handbook of the economics of poverty. Oxford University Press on Demand, 2012.
- Jefferson, Philip N., and Frederic L. Pryor. "On the geography of hate." Economics Letters 65, no. 3 (1999): 389–395.
- Jefferson, Philip N. "Does monetary policy affect relative educational unemployment rates?." American Economic Review 95, no. 2 (2005): 76–82.
- Jefferson, Philip N. "Seigniorage payments for use of the dollar: 1977–1995." Economics Letters 58, no. 2 (1998): 225–230.
- Jefferson, Philip N. "Educational attainment and the cyclical sensitivity of employment." Journal of Business & Economic Statistics 26, no. 4 (2008): 526–535.
References
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Category:21st-century African-American people
Category:African-American economists
Category:Columbia University faculty
Category:Davidson College faculty
Category:Federal Reserve economists
Category:Federal Reserve System governors
Category:Swarthmore College faculty
Category:Presidents of the National Economic Association
Category:University of Virginia alumni
Category:Vassar College alumni