Brainard will be Biden’s top choice for economic policy.
A person familiar with the situation claims that U.S. President Joe Biden would elevate Lael Brainard, the vice chair of the Federal Reserve, to the top role overseeing economic policy in the White House. This statement is anticipated to be made as soon as Tuesday.
Replaced by Brainard as NEC Director
As Brian Deese, the incumbent director of the White House National Economic Council, announced his departure, Brainard was appointed. The hiring of Brainard will fill this position and provide a plethora of expertise.
Jared Bernstein will become the new CEA Chair.
The source said that Cecilia Rouse’s probable replacement as chair of the Council of Economic Advisers is Biden confidant Jared Bernstein. The main economic team under the Biden administration is about to change leadership as a result of these appointments.
In light of rising interest rates and a tight labor market, Biden changes his economic team.
The labor market is still tight despite the U.S. Federal Reserve’s ongoing interest rate increases, raising fears of an unexpected recession without large job losses. To meet these issues and influence the administration’s future economic policies, Biden is reorganizing his senior economic staff.
Brainard Contributes Decades of Experience
Democrat and Harvard-educated Brainard has held a prominent position at the Federal Reserve for almost ten years. She was also President Barack Obama’s senior foreign affairs specialist at Treasury and President Bill Clinton’s economic adviser. In light of a more hostile U.S. House of Representatives that is now under Republican control, Brainard is in a good position to assist direct the Biden administration’s economic policies because to her significant expertise.