[HIGHLIGHTS] Biden chooses Philip Jefferson, an African-American governor, as vice president of the central bank

Philip Jefferson will become the second African-American vice president of the Federal Reserve. He will replace Lael Brainard, who resigned in February to join the White House.

Brainard was the first woman to be appointed to the Fed's Board of Governors. She will continue in her role until the end of her mandate in 2024. The White House says the appointments show the Fed is committed to maintaining full employment and price stability in the U.S. The Fed's decision-making body is made up of seven members - four men and two women.