Lael Brainard may be leaving the Fed for a top economic position in the presidential administration.
United States Federal Reserve Board Vice Chair Lael Brainard has been chosen to be the director of the National Economic Council, making her President Joe Biden’s top economic adviser, according to media reports. In her new position, Brainard will oversee the implementation of the Biden administration’s multibillion-dollar economic agenda, which includes the Bipartisan Infrastructure Law and the CHIPS and Science Act.
Brainard will replace Brian Deese, who is expected to leave the position before the end of the month. Her appointment comes as the Biden administration is facing challenging economic conditions, with a looming debt limit and the Fed struggling to rein in inflation. Brainard was considered an inflation “dove” at the Fed, advocating for moderation as the Fed raised interest rates.
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