WASHINGTON – The Senate Banking Committee has approved the president Joe Biden‘s three nominees for the Federal Reserve Board of Governors on Wednesday, a springboard for a vote by the full Senate later this year.

The committee unanimously approved Philip Jefferson as Biden’s nominee for Vice Chairman of the Federal Reserve System. If confirmed by the full Senate, Jefferson will replace Lael Brainard, who left her position at the Fed to lead Biden’s National Economic Council earlier this year.

Lisa Cook, who was nominated by Biden for a full 14-year term on the Federal Reserve Board, was approved 13-10 by the panel. Cook first joined the board in 2022, when she was narrowly confirmed by the full Senate to fill an unexpired term.

The third nominee the committee advanced was Adriana Kugler, whom Biden tapped to serve on the Federal Reserve Board of Governors for the first time in May. Kugler was also approved 13-10, with all Democrats and Republican Sen. Mike Rounds of South Dakota voting in favor. Kugler is currently the US Representative to the World Bank and the Managing Director of the World Bank Group for the US

If the full Senate approves the three nominees, the Fed confirmations of Kugler, Jefferson and Cook will all mark milestones in racial and ethnic diversity on the U.S. rate-setting committee.

Kugler would become the first Hispanic American on the Fed’s Board of Governors, and Cook would become the first black woman confirmed for a full term. Jefferson would be only the second black person to hold the position of vice chairman in the history of the Fed’s board of directors.

This is a developing story, please check back for updates.