Fed’s Lael Brainard Named Biden’s Chief Economic Adviser

President Joe Biden on Tuesday announced that Lael Breinar, vice chairman of the Federal Reserve, will become its chief economic adviser and director of the National Economic Council.

Ms. Brainard, a Fed board member since 2014 who was confirmed for a four-year term as vice chair in April, submitted her resignation on Tuesday and it will take effect around Feb. 20, according to a Fed statement.

She replaces Brian Deese as director of the National Economic Council after the White House announced his departure earlier this month.

Mr. Biden said in a statement that Ms. Brainard is one of the country’s leading macroeconomists. “She is a trusted veteran in our economic institutions and understands how the economy affects ordinary people,” Mr. Biden added.

Prior to joining the Fed’s seven-member board, Ms. Brainard served as Deputy Secretary of the Treasury from 2010 to 2013 and Advisor to the Secretary of the Treasury in 2009.

“Lael brought tremendous talent and excellent results to everything she did at the Federal Reserve,” Chairman Jerome H. Powell said in a statement. “The long list includes her thought leadership in monetary policy and economic research, her leadership of the financial payments system, strengthening the financial system both domestically and globally, and helping to manage the agency’s huge operational challenges during the pandemic. My colleagues and I will miss her greatly.”

The Fed has raised rates sharply over the past year in an attempt to curb inflation. In her speech last month, Ms. Brainard said the Fed would “keep the course” and support restrictive monetary policy as long as inflation remains high.

With the appointment of Ms. Brainard, Mr. Biden will have to nominate a new Fed Vice Chair.

Mr. Biden also appointed Jared Bernstein, currently a member of the Council of Economic Advisers, as its chairman.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button