Biden's Federal Reserve and FCC nominees clear key Senate committees

President Joe Biden's three nominees to the Federal Reserve Board of Governors have been approved by the Senate Banking Committee, setting the stage for a full Senate vote later this year. The nominees include Philip Jefferson for vice chair, Lisa Cook for a full 14-year term, and Adriana Kugler for her first term. If confirmed, Kugler would be the first Hispanic American on the board, Cook would be the first Black woman confirmed for a full term, and Jefferson would be the second Black person to hold the vice chair position. The committee's decision comes as the Federal Reserve grapples with the timing and extent of interest rate hikes to address high inflation.