President Joe Biden on Tuesday named Federal Reserve Vice Chair Lael Brainard as the new director of his National Economic Council.
This appointment is making the Ph.D. economist a key point person for coordinating policy, talking with business leaders and negotiating with Congress, according to AP.
Biden also nominated longtime adviser Jared Bernstein to be chair of the White House Council of Economic Advisers. Brainard and Bernstein would be moving into top spots at a crucial juncture for the U.S. economy. Unemployment is at 3.4%, near a 54-year low, but inflation remains persistently high at 6.4% and has contributed to fears of a coming recession.
Brainard will succeed Brian Deese, who helped handle several key legislative wins for Biden, including coronavirus relief, infrastructure spending and investments in computer chip production.
Brainard, 61, holds a doctoral degree in economics from Harvard University. During the Clinton administration, she worked as a deputy director for the National Economic Council. She was also under secretary for international affairs at Treasury during Barack Obama’s presidency. Brainard joined the Fed in 2014 as a governor and Biden nominated her to become vice chair.
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