© Reuters. FILE PHOTO: Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve’s next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. REUTERS/Jonathan Ernst/File Photo

By Richard Cowan and Ann Saphir

(Reuters) – The U.S. Senate on Wednesday is poised to confirm Federal Reserve Governor Philip Jefferson as vice chair of the U.S. central bank, after an overwhelming bipartisan majority of lawmakers voted on Tuesday to limit debate over his nomination.

Senators began the confirmation voting process on Jefferson shortly after 11:30 am ET.

They are expected later on Wednesday to also take up the nominations of Fed Governor Lisa Cook to a new 14-year term, and of World Bank economist Adriana Kugler to fill the last open seat at the seven-member Fed Board.

Confirmations would put the three in place ahead of the Fed’s next policy-setting meeting on Sept 19-20, at which policymakers are widely expected to leave the benchmark rate in its current range of 5.25%-5.00%, but to also leave the door open for one last rate hike before the end of the year.

Jefferson and Cook joined the Fed in May 2022 and have voted for all of the Fed’s rate hikes since then.