Biden names Fed vice chair as top economic advisor

WASHINGTON

U.S. President Joe Biden has chosen Federal Reserve Vice Chair Lael Brainard to be his top economic advisor, ahead of a potential reelection campaign and as the administration battles stubbornly high inflation.

Brainard joins Treasury Secretary Janet Yellen among the country’s key economic policy officials, as the government works on rolling out major laws such as the Inflation Reduction Act.

Brainard replaces outgoing National Economic Council director Brian Deese, who helped craft massive spending bills and steer a path out of the pandemic shutdown.

According to a White House statement, Brainard will be the second female director of the NEC.

“Lael, one of the country’s leading macroeconomists, brings an extraordinary depth of domestic and international economic expertise,” said Biden in a statement.

“She is a trusted veteran across our economic institutions, and understands how the economy affects everyday people,” he added.

Biden also announced on Feb. 14 his intent to nominate Jared Bernstein as chair of the Council of Economic Advisers.

Bernstein currently serves as a member of the council and was formerly chief economist to Biden when he was vice president.