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In a 52-43 vote Tuesday, the Senate confirmed Dr. Lael Brainard as vice chair of the Federal Reserve Board of Governors, the first of four central bank nominees set for consideration by the chamber. President Biden nominated Brainard in November and last month, the Senate Banking Committee approved the Fed nominee along with Drs. Lisa DeNell Cook and Phillip Nathan Jefferson. Both Cook and Jefferson await confirmation from the Senate.

Of note, the committee also approved the nomination of Jerome Powell to serve a second term as Chair of the Fed in a 23-1 vote.

Brainard has served on the Fed’s board for years, so this confirmation is not likely to change the Fed’s decision to increase short-term interest rates in the future; as data released by the Bureau of Labor Statistics stated that inflation was 1.2 percent in March, pushing a year-over-year price growth to 8.6 percent. NAFCU will continue to monitor the Fed’s monetary policy efforts as the year progresses.

NAFCU will continue to monitor the Fed nomination process and remains engaged with the Fed to ensure credit union concerns are considered by the agency.