{"id":7901,"date":"2023-05-12T15:01:18","date_gmt":"2023-05-12T19:01:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/next-fed-vice-chair-philip-jefferson-is-pro-entrepreneurship\/"},"modified":"2023-05-12T15:01:19","modified_gmt":"2023-05-12T19:01:19","slug":"next-fed-vice-chair-philip-jefferson-is-pro-entrepreneurship","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7901","title":{"rendered":"Next Fed Vice Chair Philip Jefferson Is Pro-Entrepreneurship"},"content":{"rendered":"<div>\n<p>Federal Reserve Governor Philip Jefferson will succeed Lael Brainard as Fed vice chair, according to <em data-ga-track=\"ExternalLink:https:\/\/www.cnbc.com\/2023\/05\/12\/fed-governor-philip-jefferson-named-as-new-vice-chair-to-succeed-lael-brainard.html\">CNBC<\/em>.<\/p>\n<p>When I interviewed Jefferson 19 years ago for the Swarthmore College Bulletin, I did not anticipate he would rise from Associate Professor of Economics to Fed Vice Chair.<\/p>\n<p>In rereading his 2004 remarks, he stood out among the Swarthmore faculty as being open to the idea of alumni pursuing careers in business \u2014 particularly entrepreneurship.<\/p>\n<p>If he still believes what he said then, it could bode well for his policies as Fed Vice Chair.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Biden Nominates Jefferson For Vice Chair of the Federal Reserve Board Of Governors<\/h2>\n<p>President Joe Biden nominated Jefferson for the Vice Chair position \u2014 which must be confirmed by the Senate.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>He was a professor and a dean before becoming a Fed Governor three years ago. According to <em>CNBC<\/em>, he was a professor of economics at Columbia University and Swarthmore as well as vice president for academic affairs and dean of faculty at Davidson College.\u201d<\/p>\n<p>Since the Senate confirmed him to the board in May 2022, he has been \u201crelatively quiet on the policy front.\u201d He recently remarked the Fed should not increase its 2% inflation target and was not \u201cespecially worried about the pace at which the economy is slowing,\u201d<em> CNBC<\/em> noted.<\/p>\n<p>In a statement, Biden \u2014 who also nominated Adriana Kugler for a vacant governor\u2019s seat and Lisa Cook for another term as governor \u2014 said, \u201cThese nominees understand that this job is not a partisan one, but one that plays a critical role in pursuing maximum employment, maintaining price stability, and supervising many of our nation\u2019s financial institutions.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Why Jefferson Was Pro-Entrepreneurship In 2004<\/h2>\n<p>In 2004, Jefferson struck me as someone who felt that profit is not immoral if it is generated from solving a business problem.<\/p>\n<p>As he told me, \u201cSwarthmore\u2019s purpose is to help students process new ideas. There is a natural realization that ideas are useful in a variety of situations, and there\u2019s no reason to exclude business.\u201d<\/p>\n<p>Jefferson saw profit as the reward for students using the tools of economics to identify and solve business problems. \u201cIf a student says, \u2018I\u2019m interested in business,\u2019 I don\u2019t try to dissuade him or her. What are the problems in business? How will they solve them? If they develop solutions to these problems, there is no moral issue in making money,\u201d he said.<\/p>\n<p>He also viewed a Swarthmore education as a potential foundation for an entrepreneurial career. Jefferson explained that the college\u2019s emphasis on independent thinking and risk taking was likely to be better preparation \u201cfor an entrepreneurial career than for a position in a Fortune 100 firm.\u201d<\/p>\n<p>Ultimately, he described entrepreneurship as seeing and filling a void \u2014 something that Swarthmore students were doing. \u201cStudents at Swarthmore are entrepreneurs without knowing it. They start a club; they protest a policy; they ask the faculty to make a change in the curriculum. These are all are seeing a need and filling a void,\u201d Jefferson concluded.<\/p>\n<p>Some day, perhaps Jefferson could succeed Jerome Powell as Fed Chair. If he does, entrepreneurs should celebrate.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/petercohan\/2023\/05\/12\/next-fed-vice-chair-philip-jefferson-is-pro-entrepreneurship\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Reserve Governor Philip Jefferson will succeed Lael Brainard as Fed vice chair, according to CNBC. When I interviewed Jefferson 19 years ago for the Swarthmore College Bulletin, I did not anticipate he would rise from Associate Professor of Economics to Fed Vice Chair. In rereading his 2004 remarks, he stood out among the Swarthmore [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-7901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Next Fed Vice Chair Philip Jefferson Is Pro-Entrepreneurship | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Federal Reserve Governor Philip Jefferson will succeed Lael Brainard as Fed vice chair, according to CNBC. 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