JUST IN: Biden has selected Lael Brainard, currently the Fed's vice-chair, to replace Brian Deese as the National Economic Council director.
President Biden has selected Lael Brainard, currently the vice-chair of the Federal Reserve, toWhy it matters
: Brainard, who served as undersecretary of the Treasury for international affairs under former President Obama before joining the Fed, will bring a PhD and a deep understanding of the domestic and global economy into White House’s inner circle. Her departure from the Fed will require Biden to find a replacement who can win Senate confirmation, giving Republicans an opportunity to litigate Biden’s response to inflation and his broader economic policies., the newly installed chief of staff, Brainard is expected to play a key role in negotiating with congressional Republicans on how to raise the debt ceiling.
Biden picked Yellen over Brainard for the top Treasury job at the beginning of his term and then in 2021 came close to nominating her to chair the Fed.Brainard’s husband, Kurt Campbell, serves as Biden’s so-called Asia Czar on the National Security Council, a highly influential role where he coordinates policies across the U.S. government, as well as the international date line.
As NEC director, Brainard will carry the title of “Assistant to the President,” one rung higher than her husband, who is a “Deputy Assistant to the President.”
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