(Washington) US Central Bank (Fed) Vice Chair Lael Brainard was chosen by President Joe Biden on Tuesday to lead his team of economic advisers, the National Economic Council (NEC), the White House announced. .
Lael Brainard, 61, has been vice-chairman of the Fed since May 2022. She will replace Brian Deese, 44, whose resignation was expected mid-term of President Biden.
“Lael, one of the country’s leading macroeconomists, brings an extraordinary depth of national and international economic expertise,” said Joe Biden, quoted in the press release.
“She is a trusted figure in our economic institutions and understands how the economy affects people,” the president added.
And her nearly nine years at the Fed, of which she was appointed governor in 2014 by Barack Obama, will be a valuable asset to her in the face of the main economic issue of the moment: inflation.
It is indeed the Fed that is maneuvering to try to slow down the rise in prices.
Favorable to a strictly regulated financial system, it is a monetary “dove”, leaning towards a rather accommodating interest rate policy – as opposed to “hawks”.
Democrat, specialist in international economy, Lael Brainard advised former President Bill Clinton. Then, under the Obama era, was Deputy Secretary of the Treasury – the equivalent of the Ministry of Economy and Finance – in charge of international affairs.
Joe Biden also said in his statement that he intends to appoint one of his current economic advisers, Jared Bernstein, to head the Council of Economic Advisers (CEA), another entity attached to the White House, after the announced departure of its current manager, Cecilia Rouse.
“Jared is a brilliant thinker and one of my closest and longest-serving economic advisers,” commented Joe Biden.
“He is an expert on the empowerment of labor and worker-centered economic policy, which has long been central to my economic vision,” added the US President.