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Thursday, June 8, 2023

Joe Biden to Name Fed’s Lael Brainard as Prime Economic Advisor

Brainard would take over the office after Brian Deese left the Biden Administration after two years of service

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Hrishita Chatterjee
Hrishita Chatterjee
Covering culture and trending topics

UNITED STATES: President Joe Biden would name the vice chair of the US Federal Reserve, Lael Brainard, as his top economic advisor, putting the central bank’s second-in-command in the White House to be honoured with the position of Washington’s top financial policymakers.

Brainard’s main job at the White House would involve coordinating economic policy across the government. She would also become the next director of the National Economic Council. Brainard would take over the office after Brian Deese left the Biden Administration after two years of service.

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Brainard has been in the spotlight throughout her years at the Fed for her peaceful solutions to monetary policy and strict financial regulation policies, ensuring more meticulous capital requirements for banks. In a speech at the University of Chicago’s business school, she stated that despite the high inflation, the US might actually secure a “soft landing” to avoid a recession.

“It remains possible that a continued modernization of aggregate demand could facilitate continued easing in the labour market and a reduction in inflation without a significant loss of employment,” she said.

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As the former undersecretary for international affairs at the US Treasury, Brainard left his job as head of the US Federal Reserve quickly. Since February 2014, she has been on the Fed’s board of governors. She has also been the vice chair since May 2022.

Brainard’s entry into the Biden administration could be a huge shake-up as the November mid-term elections loom. This shift would also elevate Jared Bernstein to the chair of the White House council of economic advisors, taking power from Cecilia Rouse and Janet Yellen, the Treasury secretary, who would remain in their posts. 

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Brainard has been one of her generation’s most important economic policymakers within the Democratic Party. Despite reservations about her policies as a result of her sympathetic engagements with more open trade in China during Barack Obama’s presidency, progressive Democrats have largely praised her approach at the Fed.

Also Read: President Joe Biden Challenges Republicans on Debt and Economy


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